Rosenblatt Securities Lowers 8X8 (NASDAQ:EGHT) Price Target to $2.50

Key Points

• Rosenblatt Securities has lowered its price target for 8X8 (NASDAQ:EGHT) from $2.70 to $2.50, while maintaining a "buy" rating, indicating a 42.05% potential upside from the stock's last close.
• Several other firms have given 8X8 varying ratings, with Weiss Ratings assigning a "sell (d-)" and Mizuho setting a target of $2.00 with an "underperform" rating.
• 8X8 shares have recently traded down by 7.9%, reaching a price of $1.76, with a market capitalization of approximately $236.68 million.

8X8 (NASDAQ:EGHT - Get Free Report) had its price target reduced by investment analysts at Rosenblatt Securities from $2.70 to $2.50 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Rosenblatt Securities' target price indicates a potential upside of 42.05% from the stock's previous close.

A number of other research analysts have also recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a research report on Tuesday, July 29th. Mizuho reduced their price target on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research report on Tuesday, April 15th. Wells Fargo & Company reduced their price target on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen raised shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 21st. Finally, Morgan Stanley reduced their target price on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, 8X8 currently has a consensus rating of "Hold" and a consensus target price of $2.49.

8X8 Trading Down 7.9%

EGHT stock traded down $0.15 during midday trading on Wednesday, reaching $1.76. 3,020,082 shares of the company's stock traded hands, compared to its average volume of 1,166,288. The company has a market capitalization of $236.68 million, a P/E ratio of -8.38, a PEG ratio of 1.75 and a beta of 1.85. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.20 and a quick ratio of 1.20. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The business has a 50-day moving average price of $1.90 and a two-hundred day moving average price of $2.09.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 103,826 shares of 8X8 stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $1.79, for a total value of $185,848.54. Following the completion of the sale, the insider owned 13,781,823 shares in the company, valued at approximately $24,669,463.17. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 311,470 shares of company stock valued at $567,950 in the last three months. 2.01% of the stock is currently owned by insiders.

Institutional Trading of 8X8

A number of hedge funds and other institutional investors have recently made changes to their positions in EGHT. Raymond James Financial Inc. bought a new stake in shares of 8X8 in the fourth quarter worth $144,000. American Century Companies Inc. increased its stake in 8X8 by 12.6% during the fourth quarter. American Century Companies Inc. now owns 218,401 shares of the company's stock valued at $583,000 after purchasing an additional 24,426 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in 8X8 during the fourth quarter valued at $2,126,000. O Shaughnessy Asset Management LLC bought a new stake in 8X8 during the fourth quarter valued at $34,000. Finally, Franklin Resources Inc. increased its stake in 8X8 by 14.3% during the fourth quarter. Franklin Resources Inc. now owns 281,757 shares of the company's stock valued at $752,000 after purchasing an additional 35,217 shares during the last quarter. 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.

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