8X8 (NASDAQ:EGHT) Price Target Lowered to $3.00 at Morgan Stanley

8X8 (NASDAQ:EGHT) had its target price decreased by equities researchers at Morgan Stanley from $3.80 to $3.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 39.53% from the stock’s previous close.

EGHT has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price objective on shares of 8X8 in a research note on Thursday, February 1st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a research note on Monday, March 18th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, 8X8 currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.68.

8X8 Price Performance

Shares of 8X8 stock opened at $2.15 on Wednesday. 8X8 has a 52-week low of $2.14 and a 52-week high of $4.88. The stock has a market capitalization of $265.35 million, a price-to-earnings ratio of -4.89 and a beta of 1.46. The company has a fifty day moving average of $2.65 and a 200-day moving average of $2.95. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.31 and a current ratio of 1.31.

Insider Buying and Selling

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the transaction, the chief executive officer now owns 1,022,288 shares in the company, valued at $2,719,286.08. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 32,289 shares of company stock valued at $81,979 over the last quarter. 1.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On 8X8

Several institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. boosted its position in shares of 8X8 by 13.3% during the first quarter. Envestnet Asset Management Inc. now owns 26,524 shares of the company’s stock valued at $334,000 after buying an additional 3,106 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of 8X8 by 55.3% during the first quarter. MetLife Investment Management LLC now owns 60,331 shares of the company’s stock valued at $760,000 after buying an additional 21,494 shares during the last quarter. Rhumbline Advisers boosted its position in shares of 8X8 by 9.3% during the first quarter. Rhumbline Advisers now owns 285,895 shares of the company’s stock valued at $3,599,000 after buying an additional 24,273 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in 8X8 by 18.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 102,013 shares of the company’s stock worth $1,284,000 after purchasing an additional 15,889 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in 8X8 by 4.0% in the first quarter. Great West Life Assurance Co. Can now owns 101,252 shares of the company’s stock worth $1,307,000 after purchasing an additional 3,927 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.