8x8, Inc. (NASDAQ:EGHT) Given Average Recommendation of "Hold" by Brokerages

Shares of 8x8, Inc. (NASDAQ:EGHT - Get Free Report) have earned a consensus rating of "Hold" from the eight brokerages that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $2.74.

Several analysts have issued reports on the company. Morgan Stanley cut their price objective on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. Needham & Company LLC boosted their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a "buy" rating in a research report on Wednesday, February 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research note on Tuesday, April 8th. Mizuho lowered their price objective on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 15th. Finally, Barclays upped their target price on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th.

Insider Buying and Selling

In related news, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the transaction, the insider now owns 233,791 shares in the company, valued at $701,373. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the transaction, the insider now directly owns 14,085,649 shares of the company's stock, valued at $31,410,997.27. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 263,678 shares of company stock worth $590,602. Corporate insiders own 1.22% of the company's stock.

Hedge Funds Weigh In On 8X8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pallas Capital Advisors LLC acquired a new position in shares of 8X8 in the fourth quarter valued at $29,000. Picton Mahoney Asset Management raised its stake 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 valued at $30,000 after buying an additional 3,876 shares in the last quarter. Captrust Financial Advisors bought a new position in shares of 8X8 during the 4th quarter worth about $30,000. Cibc World Markets Corp acquired a new stake in shares of 8X8 during the 4th quarter valued at about $32,000. Finally, O Shaughnessy Asset Management LLC bought a new stake in 8X8 in the fourth quarter valued at about $34,000. 93.99% of the stock is currently owned by institutional investors.

8X8 Stock Down 0.6 %

Shares of 8X8 stock opened at $1.63 on Wednesday. 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 1-year low of $1.51 and a 1-year high of $3.52. The business has a 50-day moving average of $2.16 and a 200-day moving average of $2.49. The company has a market capitalization of $214.66 million, a PE ratio of -4.53, a P/E/G ratio of 6.08 and a beta of 1.81.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. As a group, equities analysts forecast that 8X8 will post 0.04 EPS 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.

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