Morgan Stanley Has Lowered Expectations for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT - Get Free Report) had its target price decreased by equities research analysts at Morgan Stanley from $2.60 to $1.90 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "underweight" rating on the stock. Morgan Stanley's price objective points to a potential upside of 19.12% from the stock's previous close.

EGHT has been the topic of a number of other reports. Needham & Company LLC boosted their price target on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Barclays boosted their price objective on 8X8 from $2.50 to $3.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Mizuho decreased their target price on 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research note on Tuesday. StockNews.com cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 5th. Finally, Rosenblatt Securities cut their price target on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating for the company in a report on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $2.81.

8X8 Stock Performance

NASDAQ:EGHT traded down $0.05 during midday trading on Wednesday, reaching $1.60. 169,749 shares of the company traded hands, compared to its average volume of 1,024,769. The company has a fifty day moving average price of $2.31 and a 200 day moving average price of $2.51. The firm has a market capitalization of $210.05 million, a price-to-earnings ratio of -4.43, a price-to-earnings-growth ratio of 6.08 and a beta of 1.81. 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 twelve month low of $1.51 and a twelve month high of $3.52.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (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%. On average, analysts expect that 8X8 will post 0.04 EPS for the current fiscal year.

Insider Transactions at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 50,000 shares of the firm's stock in a transaction dated 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 approximately $30,360,879.78. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction of $30,000.00. Following the sale, the insider now directly owns 233,791 shares of the company's stock, valued at $701,373. This trade represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 263,678 shares of company stock valued at $590,602 over the last ninety days. Corporate insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in shares of 8X8 by 11.0% in the 1st quarter. Rhumbline Advisers now owns 183,594 shares of the company's stock valued at $367,000 after purchasing an additional 18,214 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 8X8 by 89.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company's stock valued at $75,000 after acquiring an additional 13,184 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of 8X8 by 89.4% in the 4th quarter. Mackenzie Financial Corp now owns 239,052 shares of the company's stock valued at $638,000 after acquiring an additional 112,820 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in 8X8 by 39.2% in the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company's stock worth $3,254,000 after purchasing an additional 343,400 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in 8X8 by 49.2% during the fourth quarter. Two Sigma Investments LP now owns 1,014,048 shares of the company's stock worth $2,708,000 after purchasing an additional 334,348 shares during the period. 93.99% of the stock is owned by institutional investors and hedge funds.

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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