8X8 (NASDAQ:EGHT) Earns “Buy” Rating from Rosenblatt Securities

8X8 (NASDAQ:EGHT)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a research note issued on Tuesday,Benzinga reports. They presently have a $2.70 target price on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 50.00% from the stock’s current price.

EGHT has been the topic of a number of other reports. Needham & Company LLC lifted 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 reaffirmed a “sell (d-)” rating on shares of 8X8 in a report on Saturday, May 10th. B. Riley reissued a “buy” rating and set a $3.00 price target (down from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Barclays lifted their price objective on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Morgan Stanley reduced their price target on 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a report on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.51.

8X8 Stock Down 0.6%

8X8 stock opened at $1.80 on Tuesday. The stock has a 50 day moving average of $1.87 and a two-hundred day moving average of $2.46. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52. The stock has a market capitalization of $237.05 million, a price-to-earnings ratio of -5.00, a PEG ratio of 6.08 and a beta of 1.80. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

Insider Activity

In other 8X8 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 value of $107,000.00. Following the sale, the insider now owns 14,187,327 shares of the company’s stock, valued at approximately $30,360,879.78. This represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 254,678 shares of company stock worth $562,412. Company insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. National Bank of Canada FI purchased a new position in 8X8 during the 1st quarter valued at about $26,000. Algert Global LLC acquired a new stake in shares of 8X8 in the first quarter valued at approximately $29,000. Picton Mahoney Asset Management increased its stake 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 purchasing an additional 3,876 shares in the last quarter. Captrust Financial Advisors purchased a new position in shares of 8X8 during the 4th quarter worth approximately $30,000. Finally, Cibc World Markets Corp acquired a new position in shares of 8X8 during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

About 8X8

8×8, 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.