8X8 (NASDAQ:EGHT) Stock Rating Upgraded by Wall Street Zen

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

Several other research firms have also recently issued reports on EGHT. B. Riley reiterated a "buy" rating and set a $3.00 target price (down previously from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Rosenblatt Securities restated a "buy" rating and issued a $2.70 price target on shares of 8X8 in a research note on Tuesday, May 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a research report on Wednesday, June 11th. 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 research note on Wednesday, April 16th. Finally, Wells Fargo & Company reduced their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, 8X8 has an average rating of "Hold" and a consensus price target of $2.51.

8X8 Stock Performance

8X8 stock traded up $0.11 during mid-day trading on Friday, reaching $1.85. 963,818 shares of the company were exchanged, compared to its average volume of 1,091,748. The firm's 50-day simple moving average is $1.74 and its two-hundred day simple moving average is $2.25. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52. The firm has a market cap of $248.79 million, a PE ratio of -8.81 and a beta of 1.79. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.20 and a current ratio of 1.20.

Insider Activity at 8X8

In other news, major shareholder Sylebra Capital Llc sold 103,826 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $1.79, for a total transaction of $185,848.54. Following the completion of the transaction, the insider now owns 13,781,823 shares in the company, valued at approximately $24,669,463.17. This trade represents a 0.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 312,470 shares of company stock worth $569,620 in the last 90 days. 1.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently made changes to their positions in the company. Rhumbline Advisers grew its stake in 8X8 by 5.2% in the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock valued at $442,000 after purchasing an additional 8,100 shares in the last quarter. Ieq Capital LLC acquired a new position in shares of 8X8 during the fourth quarter worth approximately $85,000. Charles Schwab Investment Management Inc. raised its stake in shares of 8X8 by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company's stock valued at $3,788,000 after purchasing an additional 80,042 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of 8X8 during the 4th quarter worth approximately $144,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew 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 last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

About 8X8

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.