Way too much for a phone with those specs, but then again, smartphones in general are overpriced for what they offer.
For the cost of that phone, can get the free phone from the phone company, then buy a cheap tablet, then use the rest of the money to get a laptop and have a full suit of productivity tools for the same or less money than that smartphone.
That phone probably cost at most $150 to make and by the time it makes it's way through the various retail levels, the price markup eventually hits $800