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

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.

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

Several other analysts have also recently commented on the stock. Rosenblatt Securities dropped their target price on shares of 8X8 from $2.70 to $2.50 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Mizuho decreased their price objective on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a research note on Tuesday, July 29th. Wells Fargo & Company dropped their target price on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Finally, B. Riley reiterated a "buy" rating and set a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. 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's stock. According to data from MarketBeat, 8X8 has a consensus rating of "Hold" and a consensus price target of $2.49.

8X8 Stock Up 5.1%

Shares of NASDAQ:EGHT traded up $0.10 during midday trading on Friday, hitting $1.95. 373,846 shares of the stock were exchanged, compared to its average volume of 1,167,480. The company has a debt-to-equity ratio of 2.56, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $265.24 million, a PE ratio of -12.16, a P/E/G ratio of 2.50 and a beta of 1.85. 8X8 has a 52-week low of $1.52 and a 52-week high of $3.52. The business's fifty day simple moving average is $1.92 and its two-hundred day simple moving average is $2.06.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc sold 200,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total value of $368,000.00. Following the completion of the transaction, the insider directly owned 13,885,649 shares of the company's stock, valued at approximately $25,549,594.16. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 311,470 shares of company stock valued at $567,950. 2.01% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EGHT. National Bank of Canada FI bought a new position in 8X8 in the 1st quarter valued at $26,000. Nisa Investment Advisors LLC raised its position in shares of 8X8 by 359.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company's stock valued at $26,000 after buying an additional 10,205 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of 8X8 during the 2nd quarter valued at $28,000. Algert Global LLC purchased a new stake in shares of 8X8 during the 1st quarter valued at $29,000. Finally, Captrust Financial Advisors purchased a new stake in shares of 8X8 during the 4th quarter valued at $30,000. 93.99% of the stock is owned by 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.