8×8, Inc. (NASDAQ:EGHT) Receives Consensus Rating of “Hold” from Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have been given an average recommendation of “Hold” by the eight research firms that are presently covering the company, Marketbeat reports. Three investment 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 brokerages that have updated their coverage on the stock in the last year is $2.99.

A number of research firms have recently commented on EGHT. Needham & Company LLC boosted their price objective on 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Rosenblatt Securities cut their price objective on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday, February 3rd. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $2.75 to $2.50 in a research report on Friday, December 13th. Morgan Stanley boosted their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Finally, Barclays boosted their price objective on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th.

8X8 Trading Down 6.1 %

Shares of NASDAQ:EGHT opened at $2.16 on Tuesday. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.52. The company has a market capitalization of $284.46 million, a PE ratio of -6.00, a PEG ratio of 6.08 and a beta of 1.78. The business has a 50 day moving average of $2.72 and a two-hundred day moving average of $2.50. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) 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%. As a group, analysts forecast that 8X8 will post 0.04 EPS for the current year.

Insider Buying and Selling

In related news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the sale, the insider now directly owns 233,791 shares in the company, valued at approximately $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 12,980 shares of company stock worth $38,817. 1.22% of the stock is owned by corporate insiders.

Institutional Trading of 8X8

Large investors have recently made changes to their positions in the company. Cerity Partners LLC grew its holdings in 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock valued at $73,000 after buying an additional 2,983 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after buying an additional 3,876 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in 8X8 by 0.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after buying an additional 4,145 shares in the last quarter. Creative Planning grew its holdings in 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock valued at $78,000 after buying an additional 5,453 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock valued at $442,000 after buying an additional 8,100 shares in the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Company Profile

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.