8X8 (NASDAQ:EGHT) PT Lowered to $3.00

8X8 (NASDAQ:EGHT) had its price objective decreased by research analysts at Morgan Stanley from $3.80 to $3.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 39.53% from the stock’s current price.

Several other equities analysts also recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $4.00 price target on shares of 8X8 in a report on Monday, March 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of 8X8 in a research note on Thursday, February 1st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, 8X8 has an average rating of “Moderate Buy” and a consensus price target of $3.68.

8X8 Trading Down 3.6 %

Shares of EGHT stock opened at $2.15 on Wednesday. 8X8 has a 52-week low of $2.14 and a 52-week high of $4.88. The stock has a market cap of $265.35 million, a price-to-earnings ratio of -4.89 and a beta of 1.46. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a fifty day moving average of $2.65 and a 200-day moving average of $2.95.

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 in the company, valued at $2,719,286.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 32,289 shares of company stock worth $81,979. 1.08% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EGHT. Sylebra Capital LLC bought a new stake in shares of 8X8 in the third quarter worth $36,261,000. Kent Lake Capital LLC bought a new stake in shares of 8X8 in the fourth quarter worth $10,395,000. Aigen Investment Management LP bought a new stake in shares of 8X8 in the third quarter worth $63,000. DekaBank Deutsche Girozentrale bought a new stake in shares of 8X8 in the third quarter worth $65,000. Finally, Bank of New York Mellon Corp lifted its position in shares of 8X8 by 210.4% in the third quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company’s stock worth $7,524,000 after purchasing an additional 2,024,020 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

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.