8×8, Inc. (NASDAQ:EGHT) Given Average Recommendation of “Hold” by Analysts

8×8, Inc. (NASDAQ:EGHT) has received a consensus rating of “Hold” from the eight research firms that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $2.51.

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Tuesday, April 22nd. Wall Street Zen downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 29th. Rosenblatt Securities restated a “buy” rating and set a $2.70 price objective on shares of 8X8 in a research note on Tuesday, May 20th. B. Riley restated a “buy” rating and set a $3.00 price objective (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Finally, Morgan Stanley cut their price objective on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $2.14, for a total value of $107,000.00. Following the sale, the insider now directly owns 14,187,327 shares in the company, valued at $30,360,879.78. The trade was a 0.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 254,678 shares of company stock worth $562,412. Corporate insiders own 1.22% of the company’s stock.

Institutional Trading of 8X8

Hedge funds and other institutional investors have recently made changes to their positions in the business. Picton Mahoney Asset Management raised its holdings in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after purchasing an additional 3,876 shares in the last quarter. Captrust Financial Advisors acquired a new stake in shares of 8X8 during the fourth quarter valued at approximately $30,000. Cibc World Markets Corp acquired a new stake in shares of 8X8 during the fourth quarter valued at approximately $32,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of 8X8 during the fourth quarter valued at approximately $34,000. Finally, National Bank of Canada FI acquired a new stake in shares of 8X8 during the first quarter valued at approximately $26,000. 93.99% of the stock is currently owned by institutional investors.

8X8 Stock Performance

Shares of EGHT opened at $1.81 on Thursday. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.52. The company has a market cap of $243.41 million, a price-to-earnings ratio of -5.03, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The firm has a fifty day moving average of $1.73 and a 200-day moving average of $2.34.

8X8 Company Profile

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.