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

Key Points

• Analysts' consensus: Seven analysts give 8x8 a "Hold" rating (4 sell, 2 buy, 1 strong buy) with an average 12‑month price target of $2.23.
• Shares trade near the bottom of their year range (opened $1.70; 1‑year low/high $1.52/$2.84) with a market cap of about $236.8M, a negative P/E (-84.96) and a high debt‑to‑equity ratio (2.06), reflecting weak profitability and elevated leverage.
• An insider, Hunter Middleton, sold 85,044 shares at an average $2.50 (an 11.52% cut to his position); insiders own 2.01% of the stock while institutional investors reportedly own roughly 93.99%.

8x8 Inc (NASDAQ:EGHT - Get Free Report) has earned a consensus recommendation of "Hold" from the seven research firms that are currently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a sell recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $2.23.

A number of equities analysts recently commented on the company. Rosenblatt Securities decreased their target price on 8X8 from $3.50 to $2.75 and set a "buy" rating on the stock in a report on Thursday, February 5th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of 8X8 in a report on Monday, December 29th. Finally, Zacks Research raised 8X8 from a "hold" rating to a "strong-buy" rating in a report on Friday, February 6th.

8X8 Price Performance

Shares of 8X8 stock opened at $1.70 on Wednesday. 8X8 has a one year low of $1.52 and a one year high of $2.84. The stock's fifty day moving average is $2.11 and its 200 day moving average is $2.01. The stock has a market cap of $236.84 million, a P/E ratio of -84.96, a P/E/G ratio of 1.32 and a beta of 1.81. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.13 and a current ratio of 1.13.

Insider Buying and Selling

In related news, insider Hunter Middleton sold 85,044 shares of the firm's stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total value of $212,610.00. Following the transaction, the insider directly owned 652,943 shares of the company's stock, valued at approximately $1,632,357.50. This trade represents a 11.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.01% of the company's stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. Prelude Capital Management LLC bought a new stake in 8X8 during the third quarter valued at about $26,000. CIBC Bancorp USA Inc. bought a new stake in 8X8 during the third quarter valued at about $30,000. Schonfeld Strategic Advisors LLC bought a new stake in 8X8 during the third quarter valued at about $31,000. Abel Hall LLC bought a new stake in 8X8 during the fourth quarter valued at about $33,000. Finally, Brighton Jones LLC bought a new stake in 8X8 during the third quarter valued at about $34,000. 93.99% of the stock is owned by institutional investors.

About 8X8

8x8, Inc NASDAQ: EGHT is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company's unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8x8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8x8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.

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