8X8 (NASDAQ:EGHT – Get Rating) had its price objective cut by equities research analysts at Wells Fargo & Company from $4.50 to $3.00 in a report released on Friday, The Fly reports. Wells Fargo & Company‘s price objective points to a potential downside of 3.54% from the stock’s previous close.
A number of other analysts have also weighed in on the company. Morgan Stanley upped their target price on 8X8 from $4.50 to $5.40 and gave the stock an “equal weight” rating in a report on Thursday, February 2nd. StockNews.com initiated coverage on 8X8 in a report on Thursday, March 16th. They set a “hold” rating for the company. Barclays decreased their price objective on 8X8 from $5.00 to $4.00 in a report on Friday. Roth Capital reiterated a “neutral” rating on shares of 8X8 in a report on Thursday, February 2nd. Finally, Needham & Company LLC upped their target price on 8X8 from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, February 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $6.16.
8X8 Stock Down 3.4 %
Shares of NASDAQ:EGHT opened at $3.11 on Friday. The business’s 50 day moving average is $3.60 and its 200 day moving average is $4.63. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 5.51. The stock has a market cap of $351.58 million, a P/E ratio of -3.31 and a beta of 1.28. 8X8 has a 52-week low of $2.50 and a 52-week high of $8.33.
Insiders Place Their Bets
Institutional Investors Weigh In On 8X8
A number of institutional investors have recently modified their holdings of EGHT. ETF Managers Group LLC acquired a new stake in shares of 8X8 during the 1st quarter valued at about $26,000. Signaturefd LLC lifted its stake in 8X8 by 325.9% in the 4th quarter. Signaturefd LLC now owns 7,049 shares of the company’s stock valued at $30,000 after buying an additional 5,394 shares in the last quarter. Captrust Financial Advisors lifted its stake in 8X8 by 832.8% in the 1st quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock valued at $38,000 after buying an additional 2,665 shares in the last quarter. Coldstream Capital Management Inc. purchased a new position in 8X8 in the 4th quarter valued at about $44,000. Finally, Sage Rhino Capital LLC purchased a new position in 8X8 in the 1st quarter valued at about $45,000. 94.22% of the stock is currently owned by institutional investors and hedge funds.
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.
- Get a free copy of the StockNews.com research report on 8X8 (EGHT)
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