8x8 Inc (NASDAQ:EGHT) Receives Average Rating of "Hold" from Brokerages

Key Points

• 8x8 Inc (NASDAQ: EGHT) received a consensus recommendation of "Hold" from eight brokerages, with three analysts rating it as a sell, three as a buy, and two as a hold.
• The average price target for 8x8 shares among analysts is $2.4857, down from previous estimates by some brokerages.
• Insider transactions indicate significant selling activity, with major shareholder Sylebra Capital selling 200,000 shares recently, reducing their stake by 1.42%.

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

A number of research firms have recently weighed in on EGHT. Wall Street Zen lowered 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research note on Thursday, August 14th. B. Riley reaffirmed a "buy" rating and set a $3.00 price target (down previously from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $2.50 price target on shares of 8X8 in a research report on Thursday, August 21st.

Insider Buying and Selling

In other 8X8 news, major shareholder Sylebra Capital Llc sold 200,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total transaction of $368,000.00. Following the transaction, the insider owned 13,885,649 shares in the company, valued at approximately $25,549,594.16. This represents a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizabeth Harriet Theophille sold 24,271 shares of the company's 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 completion of the sale, the director owned 187,293 shares in the company, valued at $383,950.65. The trade was a 11.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 334,741 shares of company stock valued at $615,895 in the last ninety days. 2.01% of the stock is currently owned by corporate insiders.

Institutional Trading of 8X8

Several institutional investors have recently added to or reduced their stakes in the business. Williams & Novak LLC increased its holdings in shares of 8X8 by 35.8% in the second quarter. Williams & Novak LLC now owns 32,005 shares of the company's stock worth $63,000 after purchasing an additional 8,430 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 8X8 by 14.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company's stock worth $195,000 after acquiring an additional 9,093 shares during the last quarter. Hsbc Holdings PLC increased its stake in 8X8 by 12.9% during the fourth quarter. Hsbc Holdings PLC now owns 85,321 shares of the company's stock worth $232,000 after acquiring an additional 9,723 shares during the last quarter. Cerity Partners LLC increased its stake in 8X8 by 34.8% during the first quarter. Cerity Partners LLC now owns 38,068 shares of the company's stock worth $76,000 after acquiring an additional 9,829 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in 8X8 by 359.7% during the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company's stock worth $26,000 after acquiring an additional 10,205 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Trading Down 2.0%

NASDAQ EGHT opened at $1.92 on Tuesday. 8X8 has a 1-year low of $1.52 and a 1-year high of $3.52. 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 stock has a 50-day moving average of $1.94 and a 200-day moving average of $2.00. The firm has a market cap of $261.83 million, a PE ratio of -12.00, a price-to-earnings-growth ratio of 2.10 and a beta of 1.85.

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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