8×8, Inc. (NASDAQ:EGHT) Receives Average Recommendation of “Moderate Buy” from Analysts

8×8, Inc. (NASDAQ:EGHT) has earned an average recommendation of “Moderate Buy” from the six research firms that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $3.68.

A number of equities analysts have commented on the company. Needham & Company LLC restated a “buy” rating and issued a $5.00 target price on shares of 8X8 in a research note on Thursday, February 1st. Rosenblatt Securities restated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research note on Monday, March 18th. Finally, Morgan Stanley cut their target price on 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th.

8X8 Trading Up 1.7 %

8X8 stock opened at $2.35 on Wednesday. 8X8 has a 1 year low of $2.12 and a 1 year high of $4.88. The firm’s 50-day moving average is $2.55 and its 200-day moving average is $2.94. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market cap of $290.04 million, a P/E ratio of -5.34 and a beta of 1.46.

Insider Activity at 8X8

In related news, CEO Samuel C. Wilson sold 13,740 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 32,289 shares of company stock worth $81,979 over the last ninety days. 1.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in shares of 8X8 by 36.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after purchasing an additional 4,670 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of 8X8 by 0.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company’s stock worth $2,454,000 after acquiring an additional 5,043 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of 8X8 by 26.4% during the fourth quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock worth $145,000 after purchasing an additional 8,014 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of 8X8 by 18.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company’s stock valued at $191,000 after purchasing an additional 8,282 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of 8X8 by 47.5% in the 4th quarter. SG Americas Securities LLC now owns 28,186 shares of the company’s stock valued at $107,000 after purchasing an additional 9,074 shares during the period. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

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.