8×8 Inc (NASDAQ:EGHT) Given Consensus Rating of “Reduce” by Analysts

8×8 Inc (NASDAQ:EGHT) has been assigned an average rating of “Reduce” from the eight analysts that are currently covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $2.4857.

Several brokerages have issued reports on EGHT. Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.50 target price on shares of 8X8 in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 8X8 in a research note on Monday, December 29th.

Institutional Investors Weigh In On 8X8

A number of hedge funds and other institutional investors have recently modified their holdings of EGHT. Nisa Investment Advisors LLC boosted its holdings in 8X8 by 359.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock valued at $26,000 after acquiring an additional 10,205 shares during the period. Prelude Capital Management LLC bought a new stake in 8X8 in the third quarter valued at approximately $26,000. Diversified Trust Co purchased a new stake in shares of 8X8 during the second quarter valued at approximately $28,000. CIBC Bancorp USA Inc. bought a new position in shares of 8X8 in the third quarter worth approximately $30,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of 8X8 in the third quarter worth $31,000. Institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

EGHT opened at $1.71 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.30. The stock has a market capitalization of $237.07 million, a P/E ratio of -42.75, a PEG ratio of 1.69 and a beta of 1.78. The stock has a 50-day moving average price of $1.95 and a 200-day moving average price of $1.97. 8X8 has a 12-month low of $1.52 and a 12-month high of $3.52.

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.