8x8 Inc (NASDAQ:EGHT) Given Average Recommendation of "Reduce" by Analysts

Key Points

• 8x8 Inc (NASDAQ:EGHT) has an average consensus rating of “Reduce” from nine analysts, with four recommending sell, two hold, and three buy ratings.
• The company's average 12-month price target is $2.4857, with recent individual targets ranging from $1.90 to $2.50.
• Approximately 93.99% of 8x8's stock is owned by institutional investors, reflecting significant institutional interest in the company.

Shares of 8x8 Inc (NASDAQ:EGHT - Get Free Report) have received a consensus rating of "Reduce" from the nine analysts that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $2.4857.

EGHT has been the subject of a number of analyst reports. Morgan Stanley set a $1.90 price target on 8X8 in a research note on Friday, August 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a research note on Wednesday, October 8th. Rosenblatt Securities reiterated a "buy" rating and set a $2.50 target price on shares of 8X8 in a research note on Thursday, August 21st. Finally, Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th.

8X8 Stock Up 3.3%

EGHT stock opened at $1.90 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. The business has a 50 day moving average price of $2.00 and a two-hundred day moving average price of $1.89. The company has a market cap of $259.10 million, a price-to-earnings ratio of -11.88, a P/E/G ratio of 2.01 and a beta of 1.89. 8X8 has a twelve month low of $1.52 and a twelve month high of $3.52.

Insider Transactions at 8X8

In related news, Director Elizabeth Harriet Theophille sold 24,271 shares of the business's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $2.05, for a total value of $49,755.55. Following the completion of the sale, the director directly owned 187,293 shares in the company, valued at $383,950.65. The trade was a 11.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.01% of the stock is owned by company insiders.

Institutional Trading of 8X8

Institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new stake in 8X8 in the 1st quarter valued at $26,000. Nisa Investment Advisors LLC lifted its position in shares of 8X8 by 359.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company's stock valued at $26,000 after acquiring an additional 10,205 shares during the period. Diversified Trust Co bought a new stake in shares of 8X8 during the 2nd quarter valued at $28,000. Algert Global LLC bought a new stake in shares of 8X8 during the 1st quarter valued at $29,000. Finally, R Squared Ltd bought a new stake in shares of 8X8 during the 2nd quarter valued at $34,000. 93.99% of the stock is currently owned by institutional investors.

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.

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