8×8 Inc (NASDAQ:EGHT) Receives Average Rating of “Reduce” from Analysts

8×8 Inc (NASDAQ:EGHT) has earned an average rating of “Reduce” from the eight analysts that are currently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $2.4857.

A number of research firms recently commented on EGHT. Morgan Stanley set a $1.90 target price on shares of 8X8 in a research note on Friday, August 29th. Rosenblatt Securities reissued a “buy” rating and set a $2.50 price objective on shares of 8X8 in a report on Wednesday, November 5th. Wall Street Zen upgraded 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 5th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 8X8 in a research report on Monday.

Institutional Investors Weigh In On 8X8

Large investors have recently bought and sold shares of the company. Man Group plc increased its holdings in 8X8 by 5.2% in the 3rd quarter. Man Group plc now owns 108,337 shares of the company’s stock worth $230,000 after buying an additional 5,387 shares during the period. Williams & Novak LLC increased its stake in shares of 8X8 by 35.8% in the second quarter. Williams & Novak LLC now owns 32,005 shares of the company’s stock worth $63,000 after acquiring an additional 8,430 shares during the period. Merit Financial Group LLC increased its stake in shares of 8X8 by 72.2% in the third quarter. Merit Financial Group LLC now owns 21,639 shares of the company’s stock worth $46,000 after acquiring an additional 9,073 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of 8X8 by 359.7% during the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock worth $26,000 after purchasing an additional 10,205 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in 8X8 by 46.2% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,880 shares of the company’s stock valued at $75,000 after purchasing an additional 11,022 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Up 5.7%

8X8 stock opened at $2.04 on Thursday. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $282.83 million, a PE ratio of -51.00, a price-to-earnings-growth ratio of 1.86 and a beta of 1.95. The stock has a 50-day moving average of $1.95 and a two-hundred day moving average of $1.93. 8X8 has a one year low of $1.52 and a one year high of $3.52.

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.