Shares of 8x8, Inc. (NASDAQ:EGHT - Get Free Report) have earned an average rating of "Hold" from the eight research firms that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $2.99.
EGHT has been the topic of several recent analyst reports. StockNews.com lowered 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 5th. Needham & Company LLC raised their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a "buy" rating in a report on Wednesday, February 5th. Morgan Stanley upped their price target on 8X8 from $2.00 to $2.60 and gave the company an "underweight" rating in a research report on Wednesday, December 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a research note on Saturday, March 22nd. Finally, Barclays upped their target price on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th.
Get Our Latest Stock Report on EGHT
8X8 Stock Up 1.5 %
NASDAQ EGHT traded up $0.03 during trading on Friday, hitting $2.07. The stock had a trading volume of 796,640 shares, compared to its average volume of 1,009,645. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52. The company's 50-day moving average price is $2.55 and its two-hundred day moving average price is $2.53. The company has a market capitalization of $272.61 million, a PE ratio of -5.75, a P/E/G ratio of 6.08 and a beta of 1.78. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25.
8X8 (NASDAQ:EGHT - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating 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, sell-side analysts forecast that 8X8 will post 0.04 EPS for the current year.
Insider Activity at 8X8
In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of the company's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00. Following the completion of the sale, the insider now directly owns 14,187,327 shares in the company, valued at $30,360,879.78. This represents a 0.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Laurence Denny sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the sale, the insider now owns 233,791 shares of the company's stock, valued at approximately $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 263,678 shares of company stock valued at $591,532. Corporate insiders own 1.22% of the company's stock.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the stock. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 during the 4th quarter valued at approximately $29,000. Picton Mahoney Asset Management raised its holdings in 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 acquiring an additional 3,876 shares during the last quarter. Captrust Financial Advisors purchased a new position in 8X8 during the fourth quarter worth approximately $30,000. Cibc World Markets Corp purchased a new stake in 8X8 in the 4th quarter valued at $32,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in 8X8 in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 93.99% of the company's stock.
8X8 Company Profile
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Get Free Report8x8, 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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