8×8 Inc (NASDAQ:EGHT) Given Average Rating of “Hold” by Analysts

8×8 Inc (NASDAQ:EGHT) has earned an average rating of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $2.23.

Several research firms recently issued reports on EGHT. Zacks Research raised shares of 8X8 from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. Rosenblatt Securities cut their target price on 8X8 from $3.50 to $2.75 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th.

8X8 Stock Performance

Shares of EGHT opened at $2.09 on Friday. 8X8 has a one year low of $1.52 and a one year high of $2.84. The company has a market cap of $291.18 million, a PE ratio of -104.45, a P/E/G ratio of 1.45 and a beta of 1.74. The stock has a 50-day moving average of $2.11 and a 200-day moving average of $2.04. The company has a debt-to-equity ratio of 2.06, a current ratio of 1.13 and a quick ratio of 1.13.

Insider Activity

In other 8X8 news, insider Hunter Middleton sold 85,044 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total transaction of $212,610.00. Following the completion of the transaction, the insider directly owned 652,943 shares of the company’s stock, valued at approximately $1,632,357.50. This represents a 11.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.01% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Prelude Capital Management LLC bought a new position in 8X8 in the 3rd quarter worth about $26,000. CIBC Bancorp USA Inc. purchased a new stake in shares of 8X8 in the 3rd quarter valued at $30,000. Schonfeld Strategic Advisors LLC purchased a new stake in 8X8 during the third quarter valued at about $31,000. Abel Hall LLC bought a new stake in 8X8 during the 4th quarter valued at $33,000. Finally, Brighton Jones LLC purchased a new position in shares of 8X8 in the third quarter valued at about $34,000. 93.99% of the stock is owned by institutional investors.

8X8 Company Profile

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.