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

8X8 (NASDAQ:EGHT - Get Free Report) was downgraded by investment analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a report issued on Wednesday.

EGHT has been the subject of a number of other research reports. Morgan Stanley lowered their price target on 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company dropped their target price on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. Mizuho cut their price target on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC lifted their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Finally, Barclays upped their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, 8X8 presently has an average rating of "Hold" and a consensus price target of $2.51.

8X8 Stock Performance

Shares of 8X8 stock opened at $1.80 on Wednesday. The firm's 50 day simple moving average is $1.86 and its two-hundred day simple moving average is $2.46. The firm has a market capitalization of $237.05 million, a price-to-earnings ratio of -5.00, 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. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the sale, the insider now directly owns 14,289,476 shares of the company's stock, valued at approximately $31,865,531.48. This represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold a total of 254,678 shares of company stock valued at $562,412 in the last three months. 1.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new stake in shares of 8X8 during the 1st quarter valued at about $26,000. Algert Global LLC acquired a new stake in 8X8 in the first quarter valued at approximately $29,000. Picton Mahoney Asset Management increased its position in shares of 8X8 by 53.6% in the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after buying an additional 3,876 shares in the last quarter. Captrust Financial Advisors acquired a new position in shares of 8X8 during the 4th quarter worth approximately $30,000. Finally, Cibc World Markets Corp purchased a new position in shares of 8X8 during the 4th quarter valued at approximately $32,000. 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.

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