8x8, Inc. (NASDAQ:EGHT) Receives $2.51 Average PT from Analysts

8x8, Inc. (NASDAQ:EGHT - Get Free Report) has been assigned an average rating of "Hold" from the eight ratings firms that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $2.51.

EGHT has been the subject of several analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research report on Wednesday. B. Riley reissued a "buy" rating and issued a $3.00 target price (down from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Wall Street Zen downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 29th. Wells Fargo & Company dropped their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Morgan Stanley cut their price objective on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th.

Insiders Place Their Bets

In other 8X8 news, major shareholder Sylebra Capital Llc sold 50,000 shares of the firm's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $2.14, for a total value of $107,000.00. Following the completion of the sale, the insider now owns 14,187,327 shares of the company's stock, valued at approximately $30,360,879.78. This trade represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 254,678 shares of company stock worth $562,412. 1.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Cerity Partners LLC boosted its position in 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock worth $73,000 after purchasing an additional 2,983 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after acquiring an additional 3,876 shares during the period. Rhumbline Advisers raised its stake in shares of 8X8 by 5.2% in the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock valued at $442,000 after acquiring an additional 8,100 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 8X8 by 14.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company's stock valued at $195,000 after acquiring an additional 9,093 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of 8X8 by 1.5% during the 4th quarter. Federated Hermes Inc. now owns 623,453 shares of the company's stock worth $1,665,000 after acquiring an additional 9,114 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company's stock.

8X8 Price Performance

Shares of EGHT remained flat at $1.81 during trading hours on Thursday. The stock had a trading volume of 1,902,938 shares, compared to its average volume of 1,109,160. The firm has a market cap of $243.41 million, a price-to-earnings ratio of -5.03, a P/E/G ratio of 6.08 and a beta of 1.79. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The company's 50-day moving average is $1.73 and its 200 day moving average is $2.34.

8X8 Company Profile

8x8, 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.