Brokerages Set 8×8 Inc (NASDAQ:EGHT) PT at $2.49

8×8 Inc (NASDAQ:EGHT) has been given a consensus recommendation of “Reduce” by the eight analysts that are covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $2.4857.

A number of research firms recently weighed in on EGHT. Morgan Stanley set a $1.90 target price on shares of 8X8 in a report on Friday, August 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a report on Wednesday, October 8th. Rosenblatt Securities reissued a “buy” rating and issued a $2.50 target price on shares of 8X8 in a report on Thursday, August 21st. Finally, Wall Street Zen raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, September 5th.

Insider Buying and Selling

In other 8X8 news, Director Elizabeth Harriet Theophille sold 24,271 shares of 8X8 stock in a transaction on Monday, July 28th. The shares were sold at an average price of $2.05, for a total transaction of $49,755.55. Following the completion of the transaction, the director directly owned 187,293 shares of the company’s stock, valued at $383,950.65. The trade was a 11.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.01% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC boosted its stake in 8X8 by 119.4% during the third quarter. CWM LLC now owns 107,792 shares of the company’s stock worth $229,000 after buying an additional 58,664 shares during the period. Brighton Jones LLC bought a new stake in shares of 8X8 during the third quarter worth $34,000. State of Wyoming lifted its position in shares of 8X8 by 34.2% during the second quarter. State of Wyoming now owns 341,923 shares of the company’s stock worth $670,000 after purchasing an additional 87,146 shares during the last quarter. Man Group plc lifted its position in shares of 8X8 by 35.9% during the second quarter. Man Group plc now owns 102,950 shares of the company’s stock worth $202,000 after purchasing an additional 27,192 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in shares of 8X8 during the second quarter worth $121,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Trading Down 2.2%

Shares of EGHT opened at $1.81 on Wednesday. The company has a debt-to-equity ratio of 2.56, a current ratio of 1.18 and a quick ratio of 1.18. 8X8 has a 1 year low of $1.52 and a 1 year high of $3.52. The company has a 50 day simple moving average of $2.00 and a two-hundred day simple moving average of $1.89. The firm has a market cap of $246.83 million, a P/E ratio of -11.31, a price-to-earnings-growth ratio of 2.12 and a beta of 1.89.

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.