8×8 Inc (NASDAQ:EGHT) Receives Average Recommendation of “Reduce” from Analysts

Shares of 8×8 Inc (NASDAQ:EGHT) have received a consensus recommendation of “Reduce” from the six brokerages that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $2.2875.

EGHT has been the subject of a number of recent research reports. Zacks Research downgraded shares of 8X8 from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Finally, Rosenblatt Securities cut their price objective on shares of 8X8 from $3.50 to $2.75 and set a “buy” rating for the company in a report on Thursday, February 5th.

Insider Buying and Selling at 8X8

In other news, insider Hunter Middleton sold 85,044 shares of the stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $2.50, for a total value of $212,610.00. Following the completion of the sale, the insider owned 652,943 shares of the company’s stock, valued at $1,632,357.50. This represents a 11.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.01% of the stock is currently owned by company insiders.

Institutional Trading of 8X8

Hedge funds have recently made changes to their positions in the company. Cetera Investment Advisers purchased a new stake in shares of 8X8 in the 2nd quarter valued at approximately $55,000. Tudor Investment Corp ET AL purchased a new stake in shares of 8X8 in the 4th quarter valued at approximately $46,000. Prelude Capital Management LLC purchased a new stake in shares of 8X8 in the 3rd quarter valued at approximately $26,000. DGS Capital Management LLC grew its stake in shares of 8X8 by 62.4% in the 4th quarter. DGS Capital Management LLC now owns 46,945 shares of the company’s stock valued at $92,000 after buying an additional 18,043 shares during the period. Finally, GSA Capital Partners LLP grew its stake in shares of 8X8 by 83.9% in the 4th quarter. GSA Capital Partners LLP now owns 555,042 shares of the company’s stock valued at $1,093,000 after buying an additional 253,192 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Down 5.0%

EGHT stock opened at $1.71 on Wednesday. The company has a market cap of $238.24 million, a price-to-earnings ratio of -85.46, a PEG ratio of 1.37 and a beta of 1.81. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.06. 8X8 has a 12 month low of $1.52 and a 12 month high of $2.84. The firm has a 50-day moving average of $2.12 and a two-hundred day moving average of $1.99.

8X8 Company Profile

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.