Brokerages Set 8×8, Inc. (NASDAQ:EGHT) Price Target at $2.51

Shares of 8×8, Inc. (NASDAQ:EGHT) have been given an average rating of “Hold” by the eight analysts that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $2.51.

EGHT has been the subject of several recent research reports. Mizuho decreased 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 restated a “sell (d-)” rating on shares of 8X8 in a report on Wednesday, June 11th. Wall Street Zen lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 29th. Rosenblatt Securities reiterated a “buy” rating and issued a $2.70 target price on shares of 8X8 in a research report on Tuesday, May 20th. Finally, B. Riley reiterated a “buy” rating and issued a $3.00 target price (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th.

8X8 Price Performance

NASDAQ EGHT opened at $1.74 on Thursday. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52. The stock has a market cap of $233.99 million, a price-to-earnings ratio of -4.83, a PEG ratio of 6.08 and a beta of 1.79. The company’s 50 day moving average is $1.74 and its two-hundred day moving average is $2.30. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc sold 50,000 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $2.14, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 557,504 shares of company stock worth $1,114,070. Company insiders own 1.22% of the company’s stock.

Institutional Investors Weigh In On 8X8

A number of hedge funds have recently modified their holdings of the business. Bank of America Corp DE increased its position in 8X8 by 7.0% during the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company’s stock worth $10,133,000 after purchasing an additional 249,798 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in 8X8 during the fourth quarter worth about $2,126,000. Two Sigma Advisers LP boosted its stake in 8X8 by 39.2% during the fourth quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock worth $3,254,000 after buying an additional 343,400 shares during the period. Two Sigma Investments LP boosted its stake 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 buying an additional 334,348 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in 8X8 by 17.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company’s stock worth $2,131,000 after buying an additional 118,686 shares during the period. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.