8×8 Inc (NASDAQ:EGHT) Receives Consensus Rating of “Hold” from Brokerages

8×8 Inc (NASDAQ:EGHT) has been assigned an average recommendation of “Hold” from the seven analysts that are currently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $2.23.

A number of analysts have commented on the company. Rosenblatt Securities reduced their target price on 8X8 from $3.50 to $2.75 and set a “buy” rating for the company in a report on Thursday, February 5th. Zacks Research upgraded 8X8 from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of 8X8 in a research report on Monday, December 29th.

Insider Buying and Selling at 8X8

In related news, insider Hunter Middleton sold 85,044 shares of the stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $2.50, for a total transaction of $212,610.00. Following the transaction, the insider owned 652,943 shares in the company, valued at $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 available at the SEC website. 2.01% of the stock is owned by insiders.

Hedge Funds Weigh In On 8X8

A number of institutional investors and hedge funds have recently made changes to their positions in EGHT. Boston Partners increased its holdings in 8X8 by 24.0% during the second quarter. Boston Partners now owns 7,957,135 shares of the company’s stock valued at $15,595,000 after buying an additional 1,537,615 shares during the last quarter. Bank of America Corp DE grew its position in shares of 8X8 by 31.9% during the 3rd quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock valued at $13,217,000 after acquiring an additional 1,506,586 shares during the period. Acadian Asset Management LLC increased its stake in shares of 8X8 by 29.9% in the 2nd quarter. Acadian Asset Management LLC now owns 3,380,762 shares of the company’s stock worth $6,623,000 after purchasing an additional 779,010 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in shares of 8X8 in the 2nd quarter worth $1,518,000. Finally, JPMorgan Chase & Co. raised 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 worth $4,932,000 after purchasing an additional 628,024 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Up 5.5%

NASDAQ:EGHT opened at $2.69 on Tuesday. The stock has a market cap of $374.77 million, a price-to-earnings ratio of -134.43, a PEG ratio of 1.89 and a beta of 1.80. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.06. The company’s 50 day moving average price is $2.03 and its 200-day moving average price is $1.99. 8X8 has a 52 week low of $1.52 and a 52 week high of $3.52.

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.