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8X8 (NASDAQ:EGHT) Rating Lowered to "Buy" at Wall Street Zen

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Key Points

  • 8X8 has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, reflecting a shift in analyst perception of the stock's potential.
  • Multiple analysts have reduced their price targets for 8X8, with Mizuho setting a new target of $2.00 and Weiss Ratings maintaining a "sell" rating.
  • The stock had a price increase of 4.3% recently, with its current market value at approximately $263.19 million.
  • Need better tools to track 8X8? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Wall Street Zen cut shares of 8X8 (NASDAQ:EGHT - Free Report) from a strong-buy rating to a buy rating in a research report report published on Saturday morning.

A number of other equities analysts have also weighed in on EGHT. Mizuho cut their target price on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research report on Tuesday, April 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a report on Tuesday, July 29th. Rosenblatt Securities lowered their price target on shares of 8X8 from $2.70 to $2.50 and set a "buy" rating on the stock in a report on Wednesday, August 6th. B. Riley reissued a "buy" rating and issued a $3.00 price target (down from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Finally, Morgan Stanley lowered their price target on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, 8X8 currently has a consensus rating of "Hold" and an average price target of $2.49.

View Our Latest Report on 8X8

8X8 Stock Performance

NASDAQ:EGHT traded down $0.18 on Friday, reaching $1.75. 1,675,450 shares of the company's stock were exchanged, compared to its average volume of 1,174,864. The company has a debt-to-equity ratio of 2.56, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $238.65 million, a price-to-earnings ratio of -10.94, a P/E/G ratio of 2.76 and a beta of 1.85. 8X8 has a 52 week low of $1.52 and a 52 week high of $3.52. The stock has a fifty day simple moving average of $1.91 and a 200-day simple moving average of $2.07.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc sold 103,826 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $1.79, for a total value of $185,848.54. Following the sale, the insider directly owned 13,781,823 shares of the company's stock, valued at $24,669,463.17. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 311,470 shares of company stock valued at $567,950 over the last quarter. Company insiders own 2.01% of the company's stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. National Bank of Canada FI purchased a new stake in 8X8 in the first quarter valued at approximately $26,000. Nisa Investment Advisors LLC grew its position in 8X8 by 359.7% during the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company's stock valued at $26,000 after acquiring an additional 10,205 shares during the last quarter. Diversified Trust Co bought a new position in 8X8 during the second quarter valued at approximately $28,000. Algert Global LLC bought a new position in 8X8 during the first quarter valued at approximately $29,000. Finally, Captrust Financial Advisors bought a new position in 8X8 during the fourth quarter valued at approximately $30,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for 8X8 (NASDAQ:EGHT)

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