Morgan Stanley Issues Pessimistic Forecast for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its price objective dropped by Morgan Stanley from $2.60 to $1.90 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 20.63% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. StockNews.com cut 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Rosenblatt Securities decreased their price objective on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research note on Monday, February 3rd. Barclays lifted their target price on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Mizuho decreased their price target on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research report on Tuesday, April 8th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $2.81.

8X8 Stock Performance

EGHT stock opened at $1.58 on Wednesday. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52. The business has a 50-day moving average price of $2.26 and a 200 day moving average price of $2.50. The company has a market capitalization of $207.42 million, a P/E ratio of -4.37, a PEG ratio of 6.08 and a beta of 1.81. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. As a group, equities research analysts forecast that 8X8 will post 0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Laurence Denny sold 10,000 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares of the company’s stock, valued at approximately $701,373. This represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the completion of the transaction, the insider now owns 14,085,649 shares of the company’s stock, valued at approximately $31,410,997.27. The trade was a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 263,678 shares of company stock valued at $590,602. Insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On 8X8

Several hedge funds and other institutional investors have recently bought and sold shares of EGHT. Jane Street Group LLC lifted its stake in 8X8 by 18.6% during the 3rd quarter. Jane Street Group LLC now owns 178,674 shares of the company’s stock valued at $364,000 after acquiring an additional 28,030 shares during the period. XTX Topco Ltd lifted its position in 8X8 by 487.9% during the third quarter. XTX Topco Ltd now owns 130,490 shares of the company’s stock valued at $266,000 after purchasing an additional 108,293 shares during the period. Barclays PLC boosted its holdings in 8X8 by 198.8% in the third quarter. Barclays PLC now owns 216,123 shares of the company’s stock valued at $440,000 after purchasing an additional 143,791 shares during the last quarter. Geode Capital Management LLC grew its position in 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after purchasing an additional 237,181 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of 8X8 during the 3rd quarter valued at about $36,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

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.