Wall Street Zen Downgrades 8X8 (NASDAQ:EGHT) to Buy

8X8 (NASDAQ:EGHT - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Wednesday.

Several other research firms also recently issued reports on EGHT. 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. Barclays boosted their price target on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Wells Fargo & Company reduced their price objective on 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Needham & Company LLC lifted their price objective on 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Finally, Rosenblatt Securities restated a "buy" rating and set a $2.70 price objective on shares of 8X8 in a research report on Tuesday, May 20th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $2.51.

8X8 Stock Performance

NASDAQ:EGHT traded down $0.08 during mid-day trading on Wednesday, hitting $1.59. 839,787 shares of the company's stock traded hands, compared to its average volume of 1,083,759. The firm has a market capitalization of $209.39 million, a price-to-earnings ratio of -4.42, a price-to-earnings-growth ratio of 6.08 and a beta of 1.80. The firm has a 50 day moving average of $1.81 and a two-hundred day moving average of $2.43. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52.

Insider Transactions at 8X8

In other 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 value of $107,000.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 254,678 shares of company stock valued at $562,412. Corporate insiders own 1.22% of the company's stock.

Hedge Funds Weigh In On 8X8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of 8X8 by 3.1% during the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after buying an additional 393,478 shares in the last quarter. Boston Partners grew its position in 8X8 by 3.9% during the 4th quarter. Boston Partners now owns 6,644,856 shares of the company's stock worth $17,742,000 after acquiring an additional 252,083 shares during the last quarter. Bank of America Corp DE increased its holdings in 8X8 by 7.0% during the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock valued at $10,133,000 after purchasing an additional 249,798 shares in the last quarter. Geode Capital Management LLC increased its holdings in 8X8 by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company's stock valued at $8,077,000 after purchasing an additional 41,929 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in 8X8 by 60.7% in the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company's stock valued at $5,201,000 after purchasing an additional 982,342 shares during the last quarter. 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.