8X8 (NASDAQ:EGHT) Price Target Cut to $2.00 by Analysts at Mizuho

8X8 (NASDAQ:EGHT - Get Free Report) had its price target reduced by Mizuho from $2.50 to $2.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an "underperform" rating on the stock. Mizuho's target price suggests a potential upside of 26.98% from the stock's previous close.

Other research analysts have also issued research reports about the company. StockNews.com lowered 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 5th. Morgan Stanley upped their target price on shares of 8X8 from $2.00 to $2.60 and gave the company an "underweight" rating in a research note on Wednesday, December 18th. Barclays lifted their price target 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. Needham & Company LLC lifted their target price on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Finally, Rosenblatt Securities decreased their target price on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating for the company in a research note on Monday, February 3rd. Three investment 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $2.81.

8X8 Trading Down 0.3 %

Shares of EGHT stock traded down $0.01 during trading hours on Tuesday, reaching $1.58. The company's stock had a trading volume of 1,001,814 shares, compared to its average volume of 1,027,387. 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 one year low of $1.51 and a one year high of $3.52. The stock has a market capitalization of $207.42 million, a P/E ratio of -4.37, a P/E/G ratio of 6.08 and a beta of 1.81. The firm's fifty day simple moving average is $2.23 and its 200 day simple moving average is $2.50.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. Equities research analysts expect that 8X8 will post 0.04 EPS for the current year.

Insider Buying and Selling at 8X8

In other news, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction that occurred 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 owns 14,289,476 shares in the company, valued at $31,865,531.48. This trade represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Laurence Denny sold 10,000 shares of the business's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the transaction, the insider now directly owns 233,791 shares in the company, valued at $701,373. This trade represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 263,678 shares of company stock valued at $590,602. Company insiders own 1.22% of the company's stock.

Institutional Trading of 8X8

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its position in 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company's stock worth $6,085,000 after purchasing an additional 237,181 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in 8X8 during the fourth quarter worth approximately $2,126,000. Sanctuary Advisors LLC raised its position in 8X8 by 178.7% during the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company's stock valued at $192,000 after purchasing an additional 60,316 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of 8X8 by 17.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock worth $2,131,000 after purchasing an additional 118,686 shares during the period. Finally, Barclays PLC increased its position in shares of 8X8 by 198.8% during the 3rd quarter. Barclays PLC now owns 216,123 shares of the company's stock valued at $440,000 after purchasing an additional 143,791 shares during the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

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.