8x8 Inc (NASDAQ:EGHT) Given Consensus Recommendation of "Hold" by Brokerages

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%.

8x8 Inc (NASDAQ:EGHT - Get Free Report) has earned a consensus recommendation of "Hold" from the eight research firms that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $2.4857.

A number of brokerages have issued reports on EGHT. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research report on Saturday, September 13th. Wall Street Zen upgraded 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 objective on 8X8 in a research report on Friday, August 29th. Finally, Rosenblatt Securities restated a "buy" rating and set a $2.50 price objective on shares of 8X8 in a research report on Thursday, August 21st.

8X8 Price Performance

8X8 stock traded down $0.09 during midday trading on Friday, reaching $2.12. 1,146,499 shares of the stock traded hands, compared to its average volume of 593,853. The stock's fifty day moving average is $1.97 and its 200-day moving average is $1.90. 8X8 has a 12 month low of $1.52 and a 12 month high of $3.52. The stock has a market cap of $289.10 million, a P/E ratio of -13.25, a PEG ratio of 2.31 and a beta of 1.87. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56.

Insider Buying and Selling at 8X8

In other news, Director Elizabeth Harriet Theophille sold 24,271 shares of the stock in a transaction that occurred 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 sale, the director directly owned 187,293 shares in the company, valued at approximately $383,950.65. This represents a 11.47% decrease in their ownership of the stock. 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.

Institutional Investors Weigh In On 8X8

Hedge funds and other institutional investors have recently modified their holdings of the business. Segall Bryant & Hamill LLC purchased a new stake in shares of 8X8 in the first quarter worth approximately $2,910,000. Bank of America Corp DE increased its holdings in 8X8 by 7.0% during the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock worth $10,133,000 after purchasing an additional 249,798 shares during the period. Vanguard Group Inc. increased its holdings in 8X8 by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after purchasing an additional 393,478 shares during the period. Two Sigma Advisers LP increased its holdings in 8X8 by 39.2% during the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company's stock worth $3,254,000 after purchasing an additional 343,400 shares during the period. Finally, Nuveen LLC purchased a new position in 8X8 during the 1st quarter worth $639,000. 93.99% of the stock is currently 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.