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

8X8 (NASDAQ:EGHT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Thursday.

EGHT has been the topic of a number of other research reports. Needham & Company LLC raised their price objective on 8X8 from $3.00 to $3.50 and gave the company a "buy" rating in a report on Wednesday, February 5th. Morgan Stanley dropped 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. Rosenblatt Securities reissued a "buy" rating and set a $2.70 price objective on shares of 8X8 in a research note on Tuesday, May 20th. Wells Fargo & Company cut their target price on 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a report on Saturday, May 24th. Three 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $2.51.

8X8 Price Performance

8X8 stock traded down $0.03 during trading on Thursday, reaching $1.63. The company had a trading volume of 728,394 shares, compared to its average volume of 1,081,184. The firm has a market capitalization of $218.53 million, a PE ratio of -4.51, a price-to-earnings-growth ratio of 6.08 and a beta of 1.80. The firm's 50-day simple moving average is $1.78 and its 200 day simple moving average is $2.41. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52.

Insider Buying and Selling at 8X8

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the business's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total value of $223,000.00. Following the sale, the insider now owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. The trade was a 0.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 254,678 shares of company stock valued at $562,412 over the last 90 days. 1.22% of the stock is owned by insiders.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently bought and sold shares of EGHT. Picton Mahoney Asset Management grew its holdings 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 purchasing an additional 3,876 shares in the last quarter. Captrust Financial Advisors purchased a new position in 8X8 in the 4th quarter valued at approximately $30,000. Cibc World Markets Corp acquired a new position in shares of 8X8 in the fourth quarter worth $32,000. O Shaughnessy Asset Management LLC purchased a new stake in shares of 8X8 during the fourth quarter worth $34,000. Finally, National Bank of Canada FI purchased a new position in 8X8 in the first quarter valued at $26,000. 93.99% of the stock is owned by institutional investors and hedge funds.

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.