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

Shares of 8×8 Inc (NASDAQ:EGHT) have earned an average rating of “Hold” from the seven brokerages that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $2.23.

Several equities analysts have weighed in on EGHT shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Zacks Research upgraded shares of 8X8 from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. Finally, Rosenblatt Securities dropped their target price on shares of 8X8 from $3.50 to $2.75 and set a “buy” rating for the company in a report on Thursday, February 5th.

8X8 Stock Up 5.5%

EGHT stock opened at $2.69 on Tuesday. The business’s 50-day moving average price is $2.03 and its 200-day moving average price is $1.99. The stock has a market cap of $374.77 million, a P/E ratio of -134.43, a PEG ratio of 1.89 and a beta of 1.80. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.06. 8X8 has a twelve month low of $1.52 and a twelve month high of $3.52.

Insider Buying and Selling at 8X8

In other news, insider Hunter Middleton sold 85,044 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total value of $212,610.00. Following the completion of the transaction, the insider owned 652,943 shares of the company’s stock, valued at $1,632,357.50. This represents a 11.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.01% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in 8X8 by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company’s stock valued at $29,453,000 after buying an additional 317,196 shares in the last quarter. Boston Partners lifted its holdings in shares of 8X8 by 7.9% in the third quarter. Boston Partners now owns 8,582,614 shares of the company’s stock worth $18,192,000 after buying an additional 625,479 shares in the last quarter. Bank of America Corp DE boosted its position in shares of 8X8 by 31.9% during the third quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock worth $13,217,000 after acquiring an additional 1,506,586 shares during the last quarter. Acadian Asset Management LLC grew its stake in 8X8 by 29.9% during the second quarter. Acadian Asset Management LLC now owns 3,380,762 shares of the company’s stock valued at $6,623,000 after acquiring an additional 779,010 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in 8X8 by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 3,310,912 shares of the company’s stock valued at $6,524,000 after acquiring an additional 23,300 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

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.