8×8 Inc (NASDAQ:EGHT) Receives Average Recommendation of “Reduce” from Brokerages

Shares of 8×8 Inc (NASDAQ:EGHT) have received an average rating of “Reduce” from the eight research firms that are covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $2.4857.

Several research firms recently issued reports on EGHT. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.50 price target on shares of 8X8 in a research note on Wednesday, November 5th. Finally, Wall Street Zen raised 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 5th.

Hedge Funds Weigh In On 8X8

Hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. lifted its stake in 8X8 by 33.3% during the 1st quarter. Invesco Ltd. now owns 355,571 shares of the company’s stock worth $711,000 after acquiring an additional 88,911 shares in the last quarter. Nuveen LLC acquired a new stake in shares of 8X8 during the first quarter worth about $639,000. American Century Companies Inc. lifted its position in shares of 8X8 by 22.9% during the first quarter. American Century Companies Inc. now owns 268,331 shares of the company’s stock worth $537,000 after purchasing an additional 49,930 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of 8X8 in the first quarter valued at approximately $863,000. Finally, Dynamic Technology Lab Private Ltd grew its holdings in shares of 8X8 by 505.2% in the first quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company’s stock valued at $158,000 after purchasing an additional 66,070 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.01 on Monday. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $278.67 million, a PE ratio of -50.25, a P/E/G ratio of 2.02 and a beta of 1.95. 8X8 has a fifty-two week low of $1.52 and a fifty-two week high of $3.52. The company has a fifty day moving average of $1.98 and a two-hundred day moving average of $1.98.

About 8X8

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.