8x8, Inc. (NASDAQ:EGHT) Receives Average Rating of "Hold" from Brokerages

8x8, Inc. (NASDAQ:EGHT - Get Free Report) has been assigned a consensus rating of "Hold" from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $2.51.

EGHT has been the topic of a number of recent research reports. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research report on Wednesday. Wells Fargo & Company lowered their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $2.70 price objective on shares of 8X8 in a research report on Tuesday, May 20th. Morgan Stanley lowered their price objective on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. Finally, Wall Street Zen downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 29th.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total value of $368,000.00. Following the completion of the transaction, the insider now owns 13,885,649 shares in the company, valued at $25,549,594.16. This represents a 1.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 558,504 shares of company stock valued at $1,116,260 in the last quarter. Company insiders own 1.22% of the company's stock.

Hedge Funds Weigh In On 8X8

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

8X8 Stock Down 3.9%

Shares of NASDAQ EGHT traded down $0.07 during trading on Thursday, reaching $1.74. 1,223,344 shares of the stock were exchanged, compared to its average volume of 1,107,668. The company has a market capitalization of $233.99 million, a price-to-earnings ratio of -4.83, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79. The business's 50-day moving average price is $1.73 and its 200 day moving average price is $2.31. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52.

About 8X8

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.