8×8, Inc. (NASDAQ:EGHT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of 8×8, Inc. (NASDAQ:EGHT) have been given an average recommendation of “Moderate Buy” by the six brokerages that are covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $3.72.

A number of equities analysts recently commented on the company. Rosenblatt Securities reissued a “buy” rating and set a $4.00 price target on shares of 8X8 in a research note on Monday, March 18th. Needham & Company LLC reissued a “buy” rating and set a $5.00 price target on shares of 8X8 in a research note on Thursday, February 1st.

8X8 Price Performance

Shares of 8X8 stock opened at $2.23 on Friday. The stock has a 50 day moving average of $2.66 and a 200 day moving average of $2.95. 8X8 has a 12 month low of $2.15 and a 12 month high of $4.88. The firm has a market cap of $275.23 million, a PE ratio of -5.07 and a beta of 1.46. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73.

Insider Buying and Selling at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $2.66, for a total transaction of $36,548.40. Following the sale, the chief executive officer now directly owns 1,022,288 shares in the company, valued at $2,719,286.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 32,289 shares of company stock worth $81,979 over the last ninety days. Company insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On 8X8

Several hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its holdings in shares of 8X8 by 4.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 45,598 shares of the company’s stock worth $197,000 after buying an additional 1,881 shares during the period. First Trust Advisors LP raised its holdings in shares of 8X8 by 10.4% in the first quarter. First Trust Advisors LP now owns 24,019 shares of the company’s stock worth $302,000 after buying an additional 2,268 shares during the period. Prudential Financial Inc. raised its holdings in shares of 8X8 by 2.2% in the first quarter. Prudential Financial Inc. now owns 123,113 shares of the company’s stock worth $1,550,000 after buying an additional 2,630 shares during the period. Captrust Financial Advisors raised its holdings in shares of 8X8 by 832.8% in the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock worth $38,000 after buying an additional 2,665 shares during the period. Finally, Balyasny Asset Management LLC raised its holdings in shares of 8X8 by 14.2% in the third quarter. Balyasny Asset Management LLC now owns 23,215 shares of the company’s stock worth $80,000 after buying an additional 2,889 shares during the period. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.