8×8 Inc (NASDAQ:EGHT) Given Consensus Rating of “Reduce” by Brokerages

8×8 Inc (NASDAQ:EGHT) has received a consensus rating of “Reduce” from the eight ratings firms that are covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $2.4857.

A number of research firms recently weighed in on EGHT. Morgan Stanley set a $1.90 price objective on shares of 8X8 in a research note on Friday, August 29th. Wall Street Zen raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a research note on Monday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $2.50 price objective on shares of 8X8 in a research note on Wednesday, November 5th.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently added to or reduced their stakes in EGHT. Man Group plc lifted its position in shares of 8X8 by 5.2% during the third quarter. Man Group plc now owns 108,337 shares of the company’s stock valued at $230,000 after buying an additional 5,387 shares during the last quarter. Williams & Novak LLC raised its stake in shares of 8X8 by 35.8% during the 2nd quarter. Williams & Novak LLC now owns 32,005 shares of the company’s stock worth $63,000 after acquiring an additional 8,430 shares in the last quarter. Merit Financial Group LLC lifted its position in 8X8 by 72.2% during the third quarter. Merit Financial Group LLC now owns 21,639 shares of the company’s stock valued at $46,000 after acquiring an additional 9,073 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in 8X8 by 359.7% in the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock valued at $26,000 after acquiring an additional 10,205 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in 8X8 by 46.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,880 shares of the company’s stock worth $75,000 after purchasing an additional 11,022 shares during the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Trading Up 5.7%

EGHT opened at $2.04 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.30. The stock’s fifty day moving average is $1.95 and its two-hundred day moving average is $1.93. The company has a market capitalization of $282.83 million, a P/E ratio of -51.00, a PEG ratio of 1.86 and a beta of 1.95. 8X8 has a 52 week low of $1.52 and a 52 week high of $3.52.

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.