StockNews.com Downgrades 8X8 (NASDAQ:EGHT) to Buy

StockNews.com downgraded shares of 8X8 (NASDAQ:EGHT - Free Report) from a strong-buy rating to a buy rating in a research report released on Monday morning.

Several other research firms have also weighed in on EGHT. Morgan Stanley cut their target price on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company cut their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Barclays increased their target price on shares of 8X8 from $2.50 to $3.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research note on Saturday, May 10th. Finally, Needham & Company LLC increased their price target on 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $2.51.

8X8 Stock Performance

8X8 stock remained flat at $1.81 during midday trading on Monday. The company had a trading volume of 1,249,713 shares, compared to its average volume of 1,050,022. The stock's fifty day simple moving average is $1.89 and its two-hundred day simple moving average is $2.47. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The company has a market cap of $238.37 million, a price-to-earnings ratio of -5.03, a PEG ratio of 6.08 and a beta of 1.80. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.52.

Insider Buying and Selling at 8X8

In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of the company's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00. Following the completion of the sale, the insider now owns 14,187,327 shares of the company's stock, valued at approximately $30,360,879.78. This represents a 0.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 253,678 shares of company stock worth $560,602. Corporate insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Algert Global LLC acquired a new stake in shares of 8X8 in the first quarter valued at approximately $29,000. American Century Companies Inc. raised its holdings in shares of 8X8 by 22.9% during the 1st quarter. American Century Companies Inc. now owns 268,331 shares of the company's stock worth $537,000 after acquiring an additional 49,930 shares during the period. Nuveen LLC acquired a new position in shares of 8X8 during the 1st quarter valued at about $639,000. Invesco Ltd. grew its stake in shares of 8X8 by 33.3% in the 1st quarter. Invesco Ltd. now owns 355,571 shares of the company's stock valued at $711,000 after buying an additional 88,911 shares during the period. Finally, National Bank of Canada FI acquired a new stake in 8X8 during the first quarter worth $26,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.