Wall Street Zen Upgrades 8X8 (NASDAQ:EGHT) to Strong-Buy

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

Other equities analysts have also recently issued research reports about the company. Mizuho dropped their price objective on 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a report on Tuesday, April 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a research report on Wednesday, June 11th. Wells Fargo & Company cut their price target 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. 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. Finally, Morgan Stanley lowered their price objective on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, 8X8 currently has an average rating of "Hold" and an average price target of $2.51.

8X8 Trading Down 4.9%

NASDAQ EGHT traded down $0.09 during trading on Friday, hitting $1.75. The stock had a trading volume of 2,278,882 shares, compared to its average volume of 1,092,763. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a market capitalization of $235.34 million, a price-to-earnings ratio of -8.33 and a beta of 1.79. 8X8 has a one year low of $1.51 and a one year high of $3.52. The stock has a 50 day simple moving average of $1.74 and a 200 day simple moving average of $2.27.

Insider Activity

In other news, major shareholder Sylebra Capital Llc sold 200,000 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total value of $368,000.00. Following the completion of the transaction, the insider now directly owns 13,885,649 shares of the company's stock, valued at approximately $25,549,594.16. The trade was a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 407,504 shares of company stock worth $784,070. 1.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 8X8

Institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI purchased a new position in 8X8 in the first quarter valued at about $26,000. Algert Global LLC bought a new stake in shares of 8X8 in the 1st quarter valued at about $29,000. Picton Mahoney Asset Management grew its position in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after buying an additional 3,876 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of 8X8 in the 4th quarter worth approximately $30,000. Finally, Cibc World Markets Corp bought a new position in shares of 8X8 during the 4th quarter worth approximately $32,000. Institutional investors own 93.99% of the company's stock.

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.