8X8 (NASDAQ:EGHT) Cut to “Hold” at Zacks Research

Zacks Research cut shares of 8X8 (NASDAQ:EGHT) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on EGHT. Rosenblatt Securities reduced their price objective on shares of 8X8 from $3.50 to $2.75 and set a “buy” rating for the company in a report on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Two equities research 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $2.23.

8X8 Stock Performance

EGHT stock opened at $1.67 on Monday. The company has a market capitalization of $232.66 million, a P/E ratio of -83.46, a PEG ratio of 1.32 and a beta of 1.81. The company has a 50-day simple moving average of $2.11 and a 200 day simple moving average of $2.01. 8X8 has a fifty-two week low of $1.52 and a fifty-two week high of $2.84. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.06.

Insiders Place Their Bets

In other 8X8 news, insider Hunter Middleton sold 85,044 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $2.50, for a total value of $212,610.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.01% of the company’s stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. Dynamic Technology Lab Private Ltd lifted its holdings in 8X8 by 505.2% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company’s stock valued at $158,000 after acquiring an additional 66,070 shares during the last quarter. Geode Capital Management LLC lifted its holdings in 8X8 by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,228,294 shares of the company’s stock valued at $6,329,000 after acquiring an additional 84,176 shares during the last quarter. Cetera Investment Advisers acquired a new stake in 8X8 in the 2nd quarter valued at about $55,000. JPMorgan Chase & Co. lifted its holdings in 8X8 by 33.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company’s stock valued at $4,932,000 after acquiring an additional 628,024 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in 8X8 by 10.8% during the 2nd quarter. Rhumbline Advisers now owns 203,407 shares of the company’s stock worth $399,000 after buying an additional 19,813 shares during the period. 93.99% of the stock is owned by institutional investors and hedge funds.

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.