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

Shares of 8x8 Inc (NASDAQ:EGHT - Get Free Report) have been given an average rating of "Hold" by the eight brokerages that are presently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $2.51.

Several brokerages recently issued reports on EGHT. Wells Fargo & Company decreased their price target on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a report on Friday, June 27th. Rosenblatt Securities reiterated a "buy" rating and set a $2.70 target price on shares of 8X8 in a research note on Tuesday, May 20th. B. Riley restated a "buy" rating and set a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Finally, Wall Street Zen upgraded shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st.

8X8 Price Performance

Shares of EGHT traded up $0.04 during midday trading on Monday, hitting $2.20. The company's stock had a trading volume of 113,566 shares, compared to its average volume of 1,227,587. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.77. 8X8 has a one year low of $1.51 and a one year high of $3.52. The stock has a market capitalization of $295.18 million, a price-to-earnings ratio of -10.45 and a beta of 1.83. The company's fifty day simple moving average is $1.82 and its two-hundred day simple moving average is $2.19.

Insider Buying and Selling at 8X8

In related news, major shareholder Sylebra Capital Llc sold 200,000 shares of 8X8 stock in a transaction 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 completion of the sale, the insider owned 13,885,649 shares of the company's stock, valued at approximately $25,549,594.16. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 312,470 shares of company stock valued at $569,620 over the last quarter. Corporate insiders own 2.01% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of EGHT. Rhumbline Advisers increased its stake in shares of 8X8 by 5.2% in the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock worth $442,000 after buying an additional 8,100 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of 8X8 by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company's stock worth $3,788,000 after buying an additional 80,042 shares during the period. Raymond James Financial Inc. bought a new position in shares of 8X8 in the 4th quarter worth about $144,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in 8X8 by 17.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock valued at $2,131,000 after acquiring an additional 118,686 shares during the period. Finally, Picton Mahoney Asset Management boosted its stake in 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after acquiring an additional 3,876 shares in the last quarter. 93.99% of the stock is owned by institutional investors.

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.