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

Shares of 8×8, Inc. (NASDAQ:EGHT) have been assigned an average recommendation of “Hold” from the eight ratings firms that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $2.99.

EGHT has been the topic of a number of research analyst reports. Morgan Stanley boosted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Wells Fargo & Company increased their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Needham & Company LLC upped their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $2.75 to $2.50 in a research note on Friday, December 13th.

8X8 Trading Down 7.2 %

NASDAQ:EGHT opened at $2.32 on Tuesday. The company has a fifty day moving average of $2.76 and a 200 day moving average of $2.48. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The firm has a market capitalization of $305.53 million, a P/E ratio of -6.44, a P/E/G ratio of 6.08 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, research analysts predict that 8X8 will post 0.04 earnings per share for the current year.

Insiders Place Their Bets

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the sale, the insider now directly owns 233,791 shares of the company’s stock, valued at $701,373. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 12,980 shares of company stock worth $38,817. Company insiders own 1.22% of the company’s stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently added to or reduced their stakes in EGHT. B. Riley Financial Inc. purchased a new position in shares of 8X8 in the third quarter valued at $1,997,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of 8X8 in the fourth quarter valued at about $2,126,000. Invenomic Capital Management LP lifted its stake in 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after acquiring an additional 524,580 shares during the period. Renaissance Technologies LLC lifted its stake in 8X8 by 1,101.0% in the fourth quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after acquiring an additional 404,077 shares during the period. Finally, Two Sigma Advisers LP lifted its stake in 8X8 by 39.2% in the fourth quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock worth $3,254,000 after acquiring an additional 343,400 shares during the period. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.