8X8 (NASDAQ:EGHT) Price Target Raised to $2.75 at Mizuho

8X8 (NASDAQ:EGHT) had its price objective upped by Mizuho from $2.50 to $2.75 in a research note issued to investors on Tuesday morning,Benzinga reports. Mizuho currently has a neutral rating on the stock.

EGHT has been the subject of several other research reports. Wells Fargo & Company boosted their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday. Barclays upped their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday. Wedbush raised 8X8 to a “hold” rating in a research note on Thursday, October 17th. Rosenblatt Securities lowered their price objective on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th. Finally, Needham & Company LLC lowered their price objective on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, 8X8 has an average rating of “Hold” and a consensus price target of $2.82.

8X8 Price Performance

NASDAQ EGHT traded up $0.03 during mid-day trading on Tuesday, reaching $2.98. 1,491,362 shares of the company’s stock traded hands, compared to its average volume of 871,849. The company has a fifty day simple moving average of $2.04 and a 200-day simple moving average of $2.27. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.50. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.92.

8X8 (NASDAQ:EGHT) last announced its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The firm had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same quarter in the previous year, the business earned $0.02 EPS. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, equities analysts expect that 8X8 will post -0.09 EPS for the current year.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in 8X8 by 0.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after purchasing an additional 4,145 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after purchasing an additional 4,255 shares during the last quarter. Creative Planning lifted its stake in 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock valued at $78,000 after purchasing an additional 5,453 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in 8X8 in the 3rd quarter valued at about $30,000. Finally, Dynamic Advisor Solutions LLC lifted its stake in 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after purchasing an additional 15,665 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.