8×8 Inc (NASDAQ:EGHT) Given Consensus Recommendation of “Hold” by Analysts

8×8 Inc (NASDAQ:EGHT) has earned a consensus recommendation of “Hold” from the seven research firms that are currently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a sell recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $2.23.

A number of equities analysts recently commented on the company. Rosenblatt Securities decreased their target price on 8X8 from $3.50 to $2.75 and set a “buy” rating on the stock 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. Finally, Zacks Research raised 8X8 from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th.

8X8 Price Performance

Shares of 8X8 stock opened at $1.70 on Wednesday. 8X8 has a one year low of $1.52 and a one year high of $2.84. The stock’s fifty day moving average is $2.11 and its 200 day moving average is $2.01. The stock has a market cap of $236.84 million, a P/E ratio of -84.96, a P/E/G ratio of 1.32 and a beta of 1.81. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.13 and a current ratio of 1.13.

Insider Buying and Selling

In related news, insider Hunter Middleton sold 85,044 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total value of $212,610.00. Following the transaction, the insider directly owned 652,943 shares of the company’s stock, valued at approximately $1,632,357.50. This trade represents a 11.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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. Prelude Capital Management LLC bought a new stake in 8X8 during the third quarter valued at about $26,000. CIBC Bancorp USA Inc. bought a new stake in 8X8 during the third quarter valued at about $30,000. Schonfeld Strategic Advisors LLC bought 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 fourth quarter valued at about $33,000. Finally, Brighton Jones LLC bought a new stake in 8X8 during the third quarter valued at about $34,000. 93.99% of the stock is owned by institutional investors.

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.