8X8's (EGHT) Buy Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of 8X8 (NASDAQ:EGHT - Free Report) in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $2.70 price objective on the stock.

Other analysts have also recently issued research reports about the stock. Mizuho dropped their price objective 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. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a research report on Saturday, May 10th. Morgan Stanley reduced their target price on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company reduced their price target on 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Barclays lifted their target price on shares of 8X8 from $2.50 to $3.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, 8X8 presently has an average rating of "Hold" and a consensus price target of $2.51.

8X8 Price Performance

NASDAQ:EGHT traded down $0.08 during trading hours on Tuesday, reaching $1.59. 839,787 shares of the company traded hands, compared to its average volume of 1,083,759. The firm's 50-day moving average is $1.83 and its 200-day moving average is $2.44. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52. The stock has a market cap of $209.39 million, a P/E ratio of -4.42, a P/E/G ratio of 6.08 and a beta of 1.80. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc sold 50,000 shares of the business's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $2.14, for a total value of $107,000.00. Following the completion of the transaction, the insider now directly owns 14,187,327 shares in the company, valued at approximately $30,360,879.78. The trade was a 0.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 254,678 shares of company stock valued at $562,412. Insiders own 1.22% of the company's stock.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently added to or reduced their stakes in EGHT. SG Americas Securities LLC grew its position in shares of 8X8 by 39.4% during the 4th quarter. SG Americas Securities LLC now owns 61,050 shares of the company's stock worth $163,000 after buying an additional 17,259 shares during the period. Rhumbline Advisers increased its holdings in 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock worth $442,000 after acquiring an additional 8,100 shares during the last quarter. Ieq Capital LLC bought a new stake in shares of 8X8 in the fourth quarter valued at approximately $85,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of 8X8 by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company's stock worth $3,788,000 after acquiring an additional 80,042 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of 8X8 in the fourth quarter valued at approximately $144,000. 93.99% of the stock is currently 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.