8X8 (NASDAQ:EGHT) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded 8X8 (EGHT) from a "strong-buy" to a "hold," and the stock's consensus analyst rating is currently a "Reduce" with an average target price of $2.23.
• 8X8 shares are trading near the low end of their 52-week range (opened at $1.70; 52-week low $1.52, high $2.84) with a market cap of about $237 million and a negative P/E.
• An insider, Hunter Middleton, sold 85,044 shares at an average price of $2.50 (≈$212,610), reducing his stake by 11.52%, while insiders collectively own about 2.01% of the company.

8X8 (NASDAQ:EGHT - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Several other brokerages have also commented on EGHT. Rosenblatt Securities cut their price target on shares of 8X8 from $3.50 to $2.75 and set a "buy" rating on the stock in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of 8X8 in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $2.23.

8X8 Price Performance

8X8 stock opened at $1.70 on Monday. 8X8 has a 52-week low of $1.52 and a 52-week high of $2.84. The company's 50 day moving average is $2.11 and its two-hundred day moving average is $2.01. The firm has a market cap of $236.84 million, a PE ratio of -84.96, a price-to-earnings-growth ratio of 1.32 and a beta of 1.81. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.06.

Insider Activity

In other news, insider Hunter Middleton sold 85,044 shares of the stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $2.50, for a total value of $212,610.00. Following the sale, the insider directly owned 652,943 shares of the company's stock, valued at approximately $1,632,357.50. This represents a 11.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.01% of the company's stock.

Institutional Investors Weigh In On 8X8

Institutional investors and hedge funds have recently modified their holdings of the company. Prelude Capital Management LLC purchased a new stake in shares of 8X8 in the third quarter worth about $26,000. CIBC Bancorp USA Inc. bought a new position in 8X8 in the 3rd quarter worth about $30,000. Schonfeld Strategic Advisors LLC bought a new position in 8X8 in the 3rd quarter worth about $31,000. Abel Hall LLC bought a new position in 8X8 in the 4th quarter worth about $33,000. Finally, Brighton Jones LLC bought a new position in 8X8 in the 3rd quarter worth about $34,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

8x8, Inc NASDAQ: EGHT is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company's unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8x8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8x8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.

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