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

8×8, Inc. (NASDAQ:EGHT) has earned a consensus recommendation of “Hold” from the eight brokerages that are covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $2.99.

Several brokerages recently weighed in on EGHT. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, March 22nd. Morgan Stanley boosted their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $2.75 to $2.50 in a research report on Friday, December 13th. Rosenblatt Securities cut their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday, February 3rd. Finally, Barclays upped their price objective on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th.

8X8 Trading Down 5.7 %

8X8 stock opened at $1.99 on Friday. The firm has a market cap of $262.07 million, a PE ratio of -5.53, a P/E/G ratio of 6.08 and a beta of 1.78. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52. The stock’s 50 day simple moving average is $2.58 and its two-hundred day simple moving average is $2.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping 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%. Analysts anticipate that 8X8 will post 0.04 earnings per share for the current year.

Insider Transactions at 8X8

In related news, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the transaction, the insider now owns 233,791 shares in the company, valued at approximately $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the transaction, the insider now directly owns 14,085,649 shares in the company, valued at $31,410,997.27. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,678 shares of company stock valued at $591,532 over the last 90 days. 1.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Pallas Capital Advisors LLC purchased a new stake in shares of 8X8 in the fourth quarter valued at about $29,000. Picton Mahoney Asset Management boosted its holdings in 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after purchasing an additional 3,876 shares during the last quarter. Captrust Financial Advisors purchased a new stake in shares of 8X8 in the 4th quarter valued at approximately $30,000. Cibc World Markets Corp acquired a new stake in shares of 8X8 during the 4th quarter worth approximately $32,000. Finally, O Shaughnessy Asset Management LLC purchased a new stake in shares of 8X8 during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.