8X8 (NASDAQ:EGHT) Price Target Cut to $1.90 by Analysts at Morgan Stanley

8X8 (NASDAQ:EGHT - Get Free Report) had its price objective dropped by stock analysts at Morgan Stanley from $2.60 to $1.90 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 15.85% from the stock's current price.

A number of other research analysts also recently commented on the company. Barclays increased their price target on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. StockNews.com downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Tuesday, April 8th. Needham & Company LLC raised their price objective on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Finally, Rosenblatt Securities dropped their target price on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating for the company in a research report on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, 8X8 presently has an average rating of "Hold" and a consensus price target of $2.81.

8X8 Stock Up 3.8 %

8X8 stock traded up $0.06 during midday trading on Wednesday, hitting $1.64. 4,256,438 shares of the company were exchanged, compared to its average volume of 1,040,303. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The company's fifty day moving average price is $2.23 and its 200-day moving average price is $2.50. The company has a market cap of $215.98 million, a PE ratio of -4.56, a price-to-earnings-growth ratio of 6.08 and a beta of 1.81.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, research analysts predict that 8X8 will post 0.04 EPS for the current fiscal year.

Insider Activity

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the company's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the transaction, the insider now owns 233,791 shares in the company, valued at approximately $701,373. This represents a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the sale, the insider now directly owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. This trade represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 263,678 shares of company stock valued at $590,602. 1.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 8X8

Several institutional investors have recently bought and sold shares of EGHT. Jane Street Group LLC lifted its stake in shares of 8X8 by 18.6% in the 3rd quarter. Jane Street Group LLC now owns 178,674 shares of the company's stock worth $364,000 after acquiring an additional 28,030 shares during the period. XTX Topco Ltd lifted its stake in 8X8 by 487.9% during the third quarter. XTX Topco Ltd now owns 130,490 shares of the company's stock valued at $266,000 after buying an additional 108,293 shares in the last quarter. Barclays PLC boosted its holdings in shares of 8X8 by 198.8% in the third quarter. Barclays PLC now owns 216,123 shares of the company's stock worth $440,000 after buying an additional 143,791 shares during the period. Geode Capital Management LLC raised its holdings in shares of 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company's stock valued at $6,085,000 after acquiring an additional 237,181 shares during the period. Finally, Virtu Financial LLC purchased a new stake in shares of 8X8 in the 3rd quarter valued at approximately $36,000. Institutional investors and hedge funds 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.