8X8 (NASDAQ:EGHT) Shares Up 1.8% – Time to Buy?

8×8 Inc (NASDAQ:EGHT) rose 1.8% during trading on Thursday . The company traded as high as $1.7250 and last traded at $1.71. Approximately 855,397 shares changed hands during trading, an increase of 30% from the average daily volume of 657,660 shares. The stock had previously closed at $1.68.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of 8X8 in a research note on Monday, December 29th. Rosenblatt Securities reissued a “buy” rating and set a $2.50 price target on shares of 8X8 in a research note on Wednesday, November 5th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $2.49.

8X8 Stock Up 1.8%

The company has a debt-to-equity ratio of 2.30, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $237.07 million, a price-to-earnings ratio of -42.75, a price-to-earnings-growth ratio of 1.69 and a beta of 1.78. The firm’s 50-day moving average is $1.95 and its 200 day moving average is $1.97.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd increased 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 worth $158,000 after acquiring an additional 66,070 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of 8X8 by 11.0% during the 1st quarter. Rhumbline Advisers now owns 183,594 shares of the company’s stock worth $367,000 after purchasing an additional 18,214 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of 8X8 by 46.2% during the 2nd 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 period. Diversified Trust Co acquired a new stake in 8X8 during the 2nd quarter worth approximately $28,000. Finally, Williams & Novak LLC raised its holdings in 8X8 by 35.8% in the second quarter. Williams & Novak LLC now owns 32,005 shares of the company’s stock valued at $63,000 after buying an additional 8,430 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

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.