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

8X8 (NASDAQ:EGHT) had its price target lowered by equities researchers at Mizuho from $2.50 to $2.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Mizuho’s price target would indicate a potential upside of 16.96% from the company’s current price.

Several other analysts have also issued reports on the company. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Needham & Company LLC upped their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Rosenblatt Securities decreased their target price on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Morgan Stanley upped their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a report on Tuesday, April 8th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.91.

8X8 Price Performance

EGHT stock opened at $1.71 on Tuesday. The firm has a 50 day simple moving average of $2.33 and a two-hundred day simple moving average of $2.51. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The stock has a market cap of $225.20 million, a PE ratio of -4.75, a P/E/G ratio of 6.08 and a beta of 1.81. 8X8 has a one year low of $1.51 and a one year high of $3.52.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results 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 return on equity of 1.45% and a negative net margin of 6.33%. On average, analysts predict that 8X8 will post 0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Laurence Denny sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the transaction, the insider now owns 233,791 shares of the company’s stock, valued at approximately $701,373. This represents a 4.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $2.23, for a total value of $226,741.94. Following the completion of the transaction, the insider now owns 14,085,649 shares of the company’s stock, valued at approximately $31,410,997.27. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 263,678 shares of company stock worth $591,532. 1.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of 8X8 during the fourth quarter valued at approximately $2,126,000. Sanctuary Advisors LLC raised its holdings in 8X8 by 178.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock worth $192,000 after acquiring an additional 60,316 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position 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 valued at $2,131,000 after acquiring an additional 118,686 shares in the last quarter. Finally, Barclays PLC boosted its stake in 8X8 by 198.8% during the 3rd quarter. Barclays PLC now owns 216,123 shares of the company’s stock valued at $440,000 after purchasing an additional 143,791 shares during the last quarter. 93.99% of the stock is owned by institutional investors.

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.