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

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 - Free Report) had its target price cut by Rosenblatt Securities from $2.70 to $2.50 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also weighed in on EGHT. Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a research note on Tuesday, July 29th. 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 note on Wednesday, May 14th. Morgan Stanley lowered their target price on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company dropped their price objective 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. Finally, Mizuho dropped their price objective on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $2.49.

8X8 Stock Performance

EGHT stock traded up $0.08 during trading on Wednesday, hitting $1.93. 1,628,741 shares of the company's stock traded hands, compared to its average volume of 823,842. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. 8X8 has a 52 week low of $1.52 and a 52 week high of $3.52. The stock has a fifty day moving average price of $1.91 and a two-hundred day moving average price of $2.07. The stock has a market capitalization of $263.19 million, a price-to-earnings ratio of -12.06, a price-to-earnings-growth ratio of 2.76 and a beta of 1.85.

Insider Buying and Selling at 8X8

In related news, major shareholder Sylebra Capital Llc sold 103,826 shares of the stock in a transaction dated 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 transaction, the insider owned 13,781,823 shares in the company, valued at $24,669,463.17. This represents a 0.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have sold 311,470 shares of company stock valued at $567,950. 2.01% of the stock is owned by company insiders.

Hedge Funds Weigh In On 8X8

Several large investors have recently bought and sold shares of EGHT. Segall Bryant & Hamill LLC acquired a new position in 8X8 during the 1st quarter valued at about $2,910,000. Acadian Asset Management LLC increased its stake in 8X8 by 60.7% during the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company's stock valued at $5,201,000 after buying an additional 982,342 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in 8X8 during the 4th quarter valued at about $2,126,000. Jacobs Levy Equity Management Inc. acquired a new position in 8X8 during the 1st quarter valued at about $863,000. Finally, Renaissance Technologies LLC increased its stake in 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company's stock valued at $1,177,000 after buying an additional 404,077 shares during the period. Institutional investors and hedge funds 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.