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

Shares of 8×8, Inc. (NASDAQ:EGHT) have received an average rating of “Hold” from the eight research firms that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $2.51.

A number of research analysts have recently commented on the stock. B. Riley restated a “buy” rating and set a $3.00 price target (down from $4.00) on shares of 8X8 in a research report on Wednesday. Barclays increased their price target on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Monday, May 12th. Wells Fargo & Company cut their price target on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Tuesday, April 22nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a report on Saturday, May 10th.

8X8 Stock Performance

Shares of EGHT stock opened at $1.81 on Friday. The company’s fifty day simple moving average is $1.87 and its two-hundred day simple moving average is $2.47. 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 has a 1 year low of $1.51 and a 1 year high of $3.52. The stock has a market capitalization of $238.37 million, a price-to-earnings ratio of -5.03, a PEG ratio of 6.08 and a beta of 1.80.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $2.23, for a total transaction of $226,741.94. Following the sale, the insider now directly owns 14,085,649 shares in the company, valued at $31,410,997.27. This trade represents a 0.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 254,678 shares of company stock worth $562,412. Company insiders own 1.22% of the company’s stock.

Institutional Trading of 8X8

Institutional investors and hedge funds have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd grew its stake in 8X8 by 505.2% during the first quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company’s stock valued at $158,000 after acquiring an additional 66,070 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in 8X8 during the 1st quarter valued at about $863,000. Algert Global LLC bought a new stake in 8X8 during the 1st quarter valued at about $29,000. American Century Companies Inc. raised its holdings in shares of 8X8 by 22.9% in the 1st quarter. American Century Companies Inc. now owns 268,331 shares of the company’s stock valued at $537,000 after purchasing an additional 49,930 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of 8X8 in the 1st quarter valued at about $639,000. 93.99% of the stock is currently owned by institutional investors.

About 8X8

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.