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

8x8 Inc (NASDAQ:EGHT - Get Free Report) has received a consensus 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 rating, two have given a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $2.51.

Several equities research analysts have recently issued reports on EGHT shares. Wall Street Zen upgraded shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. B. Riley restated a "buy" rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Wells Fargo & Company lowered their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley lowered their price objective on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research note on Friday, June 27th.

Insiders Place Their Bets

In other 8X8 news, major shareholder Sylebra Capital Llc sold 103,826 shares of 8X8 stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $1.79, for a total transaction of $185,848.54. Following the sale, the insider owned 13,781,823 shares in the company, valued at $24,669,463.17. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 312,470 shares of company stock worth $569,620 in the last 90 days. 2.01% of the stock is owned by insiders.

Institutional Investors Weigh In On 8X8

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cerity Partners LLC boosted its stake in shares of 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock valued at $73,000 after purchasing an additional 2,983 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after purchasing an additional 3,876 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock valued at $442,000 after purchasing an additional 8,100 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of 8X8 by 14.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company's stock valued at $195,000 after purchasing an additional 9,093 shares in the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of 8X8 by 1.5% in the 4th quarter. Federated Hermes Inc. now owns 623,453 shares of the company's stock valued at $1,665,000 after purchasing an additional 9,114 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company's stock.

8X8 Stock Performance

Shares of 8X8 stock traded down $0.08 during midday trading on Monday, hitting $2.06. The company had a trading volume of 795,158 shares, compared to its average volume of 1,101,879. The business's 50 day simple moving average is $1.83 and its two-hundred day simple moving average is $2.18. The stock has a market cap of $277.03 million, a PE ratio of -9.81 and a beta of 1.83. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.20 and a quick ratio of 1.20. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52.

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.