8x8, Inc. (NASDAQ:EGHT) Receives $2.74 Average PT from Brokerages

Shares of 8x8, Inc. (NASDAQ:EGHT - Get Free Report) have received an average recommendation of "Hold" from the eight analysts that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $2.66.

Several analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company decreased their target price 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. Needham & Company LLC upped their price objective on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Barclays increased their price target on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Finally, StockNews.com lowered 8X8 from a "strong-buy" rating to a "buy" rating in a report on Wednesday, February 5th.

8X8 Stock Down 3.3 %

EGHT stock traded down $0.06 during trading on Wednesday, reaching $1.76. The stock had a trading volume of 966,181 shares, compared to its average volume of 1,047,686. The firm has a fifty day moving average price of $2.05 and a 200 day moving average price of $2.49. 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 has a market capitalization of $231.78 million, a P/E ratio of -4.89, a PEG ratio of 6.08 and a beta of 1.81. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate 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, equities analysts anticipate 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 8X8 stock in a transaction dated 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 of the company's stock, valued at $701,373. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $2.23, for a total transaction of $226,741.94. Following the completion of the sale, the insider now directly owns 14,085,649 shares of the company's stock, valued at $31,410,997.27. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 263,678 shares of company stock worth $590,602. Company insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 during the 4th quarter valued at $29,000. Picton Mahoney Asset Management grew its stake in 8X8 by 53.6% in the fourth 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 in the last quarter. Captrust Financial Advisors acquired a new position in 8X8 in the 4th quarter worth about $30,000. Cibc World Markets Corp purchased a new stake in shares of 8X8 during the 4th quarter worth about $32,000. Finally, O Shaughnessy Asset Management LLC purchased a new stake in shares of 8X8 during the 4th quarter worth about $34,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

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.