8x8, Inc. (NASDAQ:EGHT) Receives Consensus Recommendation of "Hold" from Analysts

8x8, Inc. (NASDAQ:EGHT - Get Free Report) has earned an average rating of "Hold" from the eight research firms that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $2.99.

EGHT has been the topic of a number of recent analyst reports. Mizuho cut 8X8 from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $2.75 to $2.50 in a report on Friday, December 13th. Wells Fargo & Company boosted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an "underweight" rating in a report on Tuesday, November 5th. B. Riley reissued a "buy" rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wedbush raised shares of 8X8 to a "hold" rating in a research report on Thursday, October 17th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research note on Saturday, February 1st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Pallas Capital Advisors LLC acquired a new position in shares of 8X8 during the fourth quarter worth about $29,000. Wealth Enhancement Advisory Services LLC purchased a new position in 8X8 in the third quarter valued at $30,000. Picton Mahoney Asset Management raised its position in shares of 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after acquiring an additional 3,876 shares in the last quarter. Cibc World Markets Corp acquired a new stake in 8X8 during the fourth quarter worth approximately $32,000. Finally, Virtu Financial LLC purchased a new stake in 8X8 in the third quarter valued at $36,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Price Performance

NASDAQ EGHT traded up $0.11 during mid-day trading on Friday, hitting $2.86. The stock had a trading volume of 1,560,067 shares, compared to its average volume of 939,422. The firm's 50 day moving average is $2.79 and its 200 day moving average is $2.43. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.18. The stock has a market capitalization of $376.63 million, a price-to-earnings ratio of -7.94, a PEG ratio of 24.40 and a beta of 1.66. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.41.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its quarterly earnings data 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 return on equity of 1.45% and a negative net margin of 6.33%. Equities research analysts forecast that 8X8 will post 0.01 earnings per share for the current fiscal year.

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.