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

8×8 Inc (NASDAQ:EGHT) has earned an average recommendation of “Hold” from the eight research firms that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $2.51.

Several research firms have weighed in on EGHT. Mizuho lowered their price target on 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 15th. B. Riley restated a “buy” rating and issued a $3.00 price target (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Morgan Stanley reduced their price objective on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company dropped their target price on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Tuesday, April 22nd. Finally, Rosenblatt Securities restated a “buy” rating and issued a $2.70 target price on shares of 8X8 in a report on Tuesday, May 20th.

8X8 Price Performance

EGHT stock opened at $2.17 on Monday. The stock has a 50-day moving average price of $1.80 and a two-hundred day moving average price of $2.19. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.52. The stock has a market cap of $291.15 million, a PE ratio of -10.31 and a beta of 1.83. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.77.

Insider Transactions at 8X8

In related news, major shareholder Sylebra Capital Llc sold 200,000 shares of 8X8 stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total transaction of $368,000.00. Following the transaction, the insider directly owned 13,885,649 shares in the company, valued at approximately $25,549,594.16. The trade was a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 312,470 shares of company stock valued at $569,620. Corporate insiders own 2.01% of the company’s stock.

Institutional Investors Weigh In On 8X8

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI bought a new stake in 8X8 during the 1st quarter valued at $26,000. Algert Global LLC purchased a new position in shares of 8X8 during the 1st quarter valued at approximately $29,000. Picton Mahoney Asset Management raised its holdings in 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after purchasing an additional 3,876 shares during the period. Captrust Financial Advisors acquired a new stake in 8X8 in the 4th quarter worth about $30,000. Finally, Cibc World Markets Corp purchased a new stake in shares of 8X8 during the fourth quarter worth $32,000. 93.99% of the stock is currently owned by hedge funds and other 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.