8X8 (NASDAQ:EGHT) Trading 1.5% Higher – Still a Buy?

Shares of 8×8 Inc (NASDAQ:EGHT) rose 1.5% on Thursday . The company traded as high as $2.0950 and last traded at $2.06. Approximately 1,180,031 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 1,902,115 shares. The stock had previously closed at $2.03.

Analyst Ratings Changes

A number of research firms have issued reports on EGHT. Zacks Research downgraded 8X8 from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Weiss Ratings upgraded shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research note on Thursday, June 4th. Finally, Rosenblatt Securities raised their price objective on shares of 8X8 from $2.75 to $3.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, 8X8 presently has an average rating of “Hold” and an average target price of $2.45.

8X8 Trading Up 1.5%

The stock has a fifty day moving average of $2.05 and a 200 day moving average of $2.01. The company has a market capitalization of $292.07 million, a P/E ratio of 103.05, a PEG ratio of 1.47 and a beta of 1.84. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.09 and a current ratio of 1.09.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EGHT. Cetera Investment Advisers lifted its position in shares of 8X8 by 9.4% during the 1st quarter. Cetera Investment Advisers now owns 48,053 shares of the company’s stock valued at $80,000 after buying an additional 4,144 shares in the last quarter. Captrust Financial Advisors increased its holdings in 8X8 by 18.2% in the 4th quarter. Captrust Financial Advisors now owns 28,162 shares of the company’s stock worth $55,000 after acquiring an additional 4,334 shares in the last quarter. IHT Wealth Management LLC raised its stake in 8X8 by 25.0% during the 4th quarter. IHT Wealth Management LLC now owns 25,000 shares of the company’s stock worth $49,000 after acquiring an additional 5,000 shares during the period. Man Group plc raised its stake in 8X8 by 5.2% during the 3rd quarter. Man Group plc now owns 108,337 shares of the company’s stock worth $230,000 after acquiring an additional 5,387 shares during the period. Finally, Mayflower Financial Advisors LLC lifted its holdings in 8X8 by 2.0% during the fourth quarter. Mayflower Financial Advisors LLC now owns 389,123 shares of the company’s stock valued at $767,000 after purchasing an additional 7,659 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

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.