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

8×8 Inc (NASDAQ:EGHT) has earned a consensus rating of “Reduce” from the eight brokerages that are currently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $2.4857.

EGHT has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of 8X8 in a research report on Monday, December 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $2.50 target price on shares of 8X8 in a report on Wednesday, November 5th. Finally, Wall Street Zen upgraded 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 5th.

Hedge Funds Weigh In On 8X8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Nisa Investment Advisors LLC lifted its position in 8X8 by 359.7% in the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock valued at $26,000 after purchasing an additional 10,205 shares during the period. Prelude Capital Management LLC purchased a new stake in shares of 8X8 in the third quarter valued at approximately $26,000. Diversified Trust Co acquired a new position in 8X8 during the second quarter worth $28,000. CIBC Bancorp USA Inc. acquired a new stake in 8X8 in the third quarter valued at $30,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of 8X8 in the third quarter valued at about $31,000. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Up 1.0%

Shares of NASDAQ EGHT opened at $2.01 on Monday. The stock has a market cap of $278.67 million, a P/E ratio of -50.25, a PEG ratio of 2.02 and a beta of 1.95. The business’s fifty day simple moving average is $1.98 and its 200-day simple moving average is $1.98. 8X8 has a 12-month low of $1.52 and a 12-month high of $3.52. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.30.

About 8X8

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.