8×8 Inc (NASDAQ:EGHT) Receives $2.49 Consensus Price Target from Analysts

Shares of 8×8 Inc (NASDAQ:EGHT) have earned a consensus rating of “Reduce” from the eight analysts that are covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $2.4857.

A number of equities research analysts have issued reports on EGHT shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Rosenblatt Securities reissued a “buy” rating and issued a $2.50 price target on shares of 8X8 in a report on Wednesday, November 5th.

8X8 Stock Down 1.5%

NASDAQ:EGHT opened at $1.69 on Friday. 8X8 has a 1-year low of $1.52 and a 1-year high of $3.52. The firm has a market capitalization of $233.61 million, a price-to-earnings ratio of -42.13, a PEG ratio of 1.69 and a beta of 1.78. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.30. The business’s fifty day moving average price is $1.94 and its 200 day moving average price is $1.96.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Man Group plc lifted its holdings in 8X8 by 5.2% in the third quarter. Man Group plc now owns 108,337 shares of the company’s stock valued at $230,000 after buying an additional 5,387 shares during the period. Mayflower Financial Advisors LLC lifted its stake in shares of 8X8 by 2.0% in the 4th quarter. Mayflower Financial Advisors LLC now owns 389,123 shares of the company’s stock valued at $767,000 after purchasing an additional 7,659 shares during the period. SG Americas Securities LLC grew its stake in shares of 8X8 by 46.0% during the fourth quarter. SG Americas Securities LLC now owns 26,630 shares of the company’s stock worth $52,000 after purchasing an additional 8,392 shares during the period. Williams & Novak LLC increased its holdings in 8X8 by 35.8% in the second quarter. Williams & Novak LLC now owns 32,005 shares of the company’s stock valued at $63,000 after purchasing an additional 8,430 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in 8X8 by 14.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 67,219 shares of the company’s stock valued at $129,000 after purchasing an additional 8,678 shares during the last quarter. Institutional investors own 93.99% of the company’s stock.

About 8X8

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.