8X8 (NASDAQ:EGHT) Trading Up 1.5% - Here's What Happened

Key Points

• 8X8 shares rose 1.5% in Thursday trading, reaching as high as $2.095 before ending near $2.06. Trading volume was 1.18 million shares, below its average daily volume.
• Analyst opinions on the stock are mixed: Zacks cut 8X8 to Hold, Rosenblatt raised its price target to $3.00 with a Buy rating, and MarketBeat data shows an overall Hold rating with an average target of $2.45.
• The company has a $292 million market cap and is heavily owned by institutions, with hedge funds and other investors holding about 93.99% of the stock.

8x8 Inc (NASDAQ:EGHT - Get Free Report) shares shot up 1.5% during mid-day trading on Thursday . The stock traded as high as $2.0950 and last traded at $2.06. 1,180,031 shares were traded during trading, a decline of 38% from the average session volume of 1,902,115 shares. The stock had previously closed at $2.03.

Analysts Set New Price Targets

A number of analysts have recently weighed in on EGHT shares. Zacks Research lowered 8X8 from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Weiss Ratings upgraded shares of 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a report on Thursday, June 4th. Finally, Rosenblatt Securities upped their price target on shares of 8X8 from $2.75 to $3.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, 8X8 currently has an average rating of "Hold" and an average price target of $2.45.

8X8 Price Performance

The stock has a market cap of $292.07 million, a P/E ratio of 103.05, a price-to-earnings-growth ratio of 1.47 and a beta of 1.84. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a 50-day moving average price of $2.05 and a 200-day moving average price of $2.01.

Institutional Trading of 8X8

Institutional investors have recently bought and sold shares of the company. Prelude Capital Management LLC purchased a new stake in shares of 8X8 during the third quarter valued at approximately $26,000. CIBC Bancorp USA Inc. bought a new position in shares of 8X8 during the 3rd quarter valued at $30,000. Schonfeld Strategic Advisors LLC bought a new position in shares of 8X8 during the 3rd quarter valued at $31,000. Sequoia Financial Advisors LLC purchased a new position in shares of 8X8 in the 1st quarter worth $25,000. Finally, Abel Hall LLC purchased a new position in shares of 8X8 in the 4th quarter worth $33,000. 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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