Brokerages Set 8x8 Inc (NASDAQ:EGHT) PT at $2.49

Key Points

• 8x8 Inc (NASDAQ:EGHT) has received an average consensus rating of "Hold" from eight analysts, with three recommending a sell, two a hold, and three a buy.
• The company's stock target price ranges from $1.90 to $2.50, with the average target set at $2.4857 according to recent analyst reports.
• A recent insider transaction saw Director Elizabeth Harriet Theophille sell 24,271 shares at an average price of $2.05, reducing her ownership by 11.47%.

Shares of 8x8 Inc (NASDAQ:EGHT - Get Free Report) have received an average rating of "Hold" from the eight ratings firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $2.4857.

Several analysts have recently issued reports on the stock. Rosenblatt Securities reissued a "buy" rating and set a $2.50 price target on shares of 8X8 in a research report on Thursday, August 21st. Wall Street Zen raised shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 5th. Morgan Stanley set a $1.90 price target on shares of 8X8 in a research report on Friday, August 29th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research report on Saturday, September 13th.

Insider Activity

In other news, Director Elizabeth Harriet Theophille sold 24,271 shares of 8X8 stock in a transaction dated 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 transaction, the director owned 187,293 shares in the company, valued at approximately $383,950.65. This trade represents a 11.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.01% of the company's stock.

Hedge Funds Weigh In On 8X8

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Wyoming boosted its stake in shares of 8X8 by 34.2% in the 2nd quarter. State of Wyoming now owns 341,923 shares of the company's stock valued at $670,000 after buying an additional 87,146 shares during the period. Man Group plc raised its position in shares of 8X8 by 35.9% during the 2nd quarter. Man Group plc now owns 102,950 shares of the company's stock worth $202,000 after acquiring an additional 27,192 shares in the last quarter. Boothbay Fund Management LLC acquired a new stake in shares of 8X8 during the 2nd quarter worth about $121,000. Bridgeway Capital Management LLC raised its position in shares of 8X8 by 150.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 125,000 shares of the company's stock worth $245,000 after acquiring an additional 75,000 shares in the last quarter. Finally, Brevan Howard Capital Management LP raised its position in shares of 8X8 by 229.5% during the 2nd quarter. Brevan Howard Capital Management LP now owns 128,753 shares of the company's stock worth $252,000 after acquiring an additional 89,672 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

8X8 Trading Up 6.7%

8X8 stock traded up $0.15 during midday trading on Friday, reaching $2.33. 337,974 shares of the stock traded hands, compared to its average volume of 1,084,207. The firm has a market cap of $317.06 million, a PE ratio of -14.58, a price-to-earnings-growth ratio of 2.31 and a beta of 1.86. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 2.56. The company has a 50-day simple moving average of $1.97 and a two-hundred day simple moving average of $1.90. 8X8 has a 12-month low of $1.52 and a 12-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.