Wells Fargo & Company Has Lowered Expectations for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT - Get Free Report) had its price objective reduced by equities researchers at Wells Fargo & Company from $2.00 to $1.50 in a report issued on Tuesday,Benzinga reports. The firm presently has an "underweight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential downside of 8.54% from the company's current price.

Several other brokerages also recently commented on EGHT. Morgan Stanley cut their price target on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a report on Wednesday, April 16th. Rosenblatt Securities decreased their target price on 8X8 from $3.50 to $3.30 and set a "buy" rating on the stock in a research note on Monday, February 3rd. Mizuho cut their price objective on 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a report on Tuesday, April 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a research note on Tuesday, April 8th. Finally, StockNews.com cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $2.74.

8X8 Trading Up 3.8 %

Shares of EGHT opened at $1.64 on Tuesday. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The firm has a market cap of $215.98 million, a P/E ratio of -4.56, a price-to-earnings-growth ratio of 6.08 and a beta of 1.81. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The business has a 50-day moving average of $2.20 and a 200 day moving average of $2.50.

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

Insider Transactions at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the business's stock in a transaction dated 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 approximately $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the transaction, the insider now directly owns 14,289,476 shares of the company's stock, valued at approximately $31,865,531.48. This trade represents a 0.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 263,678 shares of company stock worth $590,602. Company insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EGHT. Geode Capital Management LLC grew its position in shares of 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company's stock worth $6,085,000 after buying an additional 237,181 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in 8X8 in the fourth quarter valued at $2,126,000. Sanctuary Advisors LLC increased its position in 8X8 by 178.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company's stock valued at $192,000 after purchasing an additional 60,316 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in 8X8 by 17.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock worth $2,131,000 after purchasing an additional 118,686 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of 8X8 by 198.8% in the 3rd quarter. Barclays PLC now owns 216,123 shares of the company's stock worth $440,000 after purchasing an additional 143,791 shares during the period. Hedge funds and other institutional investors own 93.99% of the company's stock.

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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