Wells Fargo & Company Has Lowered Expectations for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its price target dropped by equities research analysts at Wells Fargo & Company from $2.00 to $1.50 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 9.09% from the stock’s current price.

Several other research analysts have also weighed in on the company. Needham & Company LLC boosted their price target on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Barclays upped their price target on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Rosenblatt Securities decreased their price objective on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday, February 3rd. Mizuho lowered their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 15th. Finally, StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2.74.

8X8 Trading Up 1.2 %

NASDAQ:EGHT opened at $1.65 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52. The company has a market cap of $217.30 million, a P/E ratio of -4.58, a price-to-earnings-growth ratio of 6.08 and a beta of 1.81. The business has a 50 day moving average price of $2.13 and a two-hundred day moving average price of $2.49.

8X8 (NASDAQ:EGHT) last released its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates 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, analysts expect that 8X8 will post 0.04 EPS for the current fiscal year.

Insider Buying and Selling at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction on 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 $701,373. This represents a 4.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the transaction, the insider now owns 14,085,649 shares in the company, valued at $31,410,997.27. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 263,678 shares of company stock valued at $590,602 in the last three months. 1.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 8X8

Institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers boosted its holdings in 8X8 by 11.0% in the 1st quarter. Rhumbline Advisers now owns 183,594 shares of the company’s stock valued at $367,000 after purchasing an additional 18,214 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of 8X8 by 89.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company’s stock valued at $75,000 after buying an additional 13,184 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of 8X8 by 89.4% in the fourth quarter. Mackenzie Financial Corp now owns 239,052 shares of the company’s stock valued at $638,000 after buying an additional 112,820 shares during the period. Two Sigma Advisers LP grew its position in 8X8 by 39.2% during the fourth quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock worth $3,254,000 after buying an additional 343,400 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake in 8X8 by 49.2% during the 4th quarter. Two Sigma Investments LP now owns 1,014,048 shares of the company’s stock worth $2,708,000 after acquiring an additional 334,348 shares during the period. 93.99% 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.