Brokerages Set 8x8, Inc. (NASDAQ:EGHT) PT at $2.51

Shares of 8x8, Inc. (NASDAQ:EGHT - Get Free Report) have received an average recommendation of "Hold" from the eight ratings firms that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $2.51.

Several brokerages have recently commented on EGHT. Wells Fargo & Company decreased their target price on 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen lowered 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday. Mizuho reduced their price objective on 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research report on Tuesday, April 15th. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research report on Saturday, May 10th. Finally, Morgan Stanley reduced their price objective on 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th.

8X8 Stock Down 4.8%

Shares of NASDAQ:EGHT traded down $0.08 during mid-day trading on Friday, hitting $1.59. 839,787 shares of the company traded hands, compared to its average volume of 1,081,783. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.52. The firm's 50 day simple moving average is $1.83 and its 200 day simple moving average is $2.44. The firm has a market cap of $209.39 million, a P/E ratio of -4.42, a PEG ratio of 6.08 and a beta of 1.80.

Insider Activity at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 101,678 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the transaction, the insider now owns 14,085,649 shares in the company, valued at $31,410,997.27. The trade was a 0.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 254,678 shares of company stock valued at $562,412. Company insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. Barclays PLC boosted its stake in shares of 8X8 by 198.8% during the 3rd quarter. Barclays PLC now owns 216,123 shares of the company's stock worth $440,000 after acquiring an additional 143,791 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of 8X8 by 39.4% during the 4th quarter. SG Americas Securities LLC now owns 61,050 shares of the company's stock worth $163,000 after acquiring an additional 17,259 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock worth $442,000 after acquiring an additional 8,100 shares in the last quarter. Ieq Capital LLC bought a new stake in shares of 8X8 during the 4th quarter worth about $85,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of 8X8 by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company's stock worth $3,788,000 after acquiring an additional 80,042 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

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.