Needham & Company LLC Cuts 8X8 (NASDAQ:EGHT) Price Target to $3.50

8X8 (NASDAQ:EGHT) had its price target dropped by stock analysts at Needham & Company LLC from $5.00 to $3.50 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 24.56% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. Rosenblatt Securities restated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. Morgan Stanley decreased their price target on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $3.46.

8X8 Stock Up 20.1 %

Shares of EGHT stock traded up $0.47 on Thursday, hitting $2.81. The stock had a trading volume of 3,520,864 shares, compared to its average volume of 1,421,843. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a market cap of $346.81 million, a price-to-earnings ratio of -6.39 and a beta of 1.46. 8X8 has a 12-month low of $2.12 and a 12-month high of $4.88. The business has a 50 day moving average of $2.54 and a 200 day moving average of $2.93.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $179.41 million during the quarter, compared to the consensus estimate of $178.85 million. 8X8 had a negative return on equity of 5.89% and a negative net margin of 7.28%. 8X8’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the business posted ($0.03) earnings per share. As a group, analysts expect that 8X8 will post -0.06 EPS for the current year.

Insider Activity at 8X8

In related news, CEO Samuel C. Wilson sold 13,740 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the completion of the transaction, the chief executive officer now owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 32,289 shares of company stock worth $81,979. Corporate insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently bought and sold shares of EGHT. Dark Forest Capital Management LP purchased a new stake in 8X8 during the third quarter valued at about $43,000. Victory Capital Management Inc. raised its holdings in shares of 8X8 by 36.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after buying an additional 4,670 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in 8X8 by 494.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 23,217 shares of the company’s stock worth $88,000 after buying an additional 19,310 shares during the last quarter. Aigen Investment Management LP bought a new stake in 8X8 in the 3rd quarter worth approximately $63,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in 8X8 in the 3rd quarter worth approximately $65,000. 93.99% of the stock is currently owned by institutional investors.

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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.