Morgan Stanley Cuts 8X8 (NASDAQ:EGHT) Price Target to $3.00

8X8 (NASDAQ:EGHT) had its price target trimmed by Morgan Stanley from $3.80 to $3.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts have also issued reports on the company. Rosenblatt Securities restated a buy rating and set a $4.00 target price on shares of 8X8 in a research report on Monday, March 18th. Needham & Company LLC restated a buy rating and set a $5.00 price objective on shares of 8X8 in a report on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $3.68.

8X8 Stock Up 1.4 %

NASDAQ:EGHT opened at $2.18 on Wednesday. The stock’s fifty day simple moving average is $2.64 and its 200-day simple moving average is $2.95. The firm has a market capitalization of $269.06 million, a P/E ratio of -4.95 and a beta of 1.46. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 3.73. 8X8 has a 12-month low of $2.12 and a 12-month high of $4.88.

Insider Activity at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were 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 approximately $2,719,286.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 32,289 shares of company stock worth $81,979. 1.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On 8X8

A number of hedge funds and other institutional investors have recently made changes to their positions in EGHT. Vanguard Group Inc. increased its holdings in 8X8 by 16.8% during the 3rd quarter. Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock worth $66,311,000 after purchasing an additional 2,763,997 shares in the last quarter. Sylebra Capital LLC acquired a new stake in 8X8 in the 3rd quarter valued at approximately $36,261,000. Sylebra Capital Ltd raised its position in 8X8 by 0.4% in the 1st quarter. Sylebra Capital Ltd now owns 14,389,476 shares of the company’s stock valued at $60,004,000 after buying an additional 61,085 shares during the last quarter. State Street Corp lifted its stake in 8X8 by 17.7% in the 2nd quarter. State Street Corp now owns 5,695,833 shares of the company’s stock valued at $24,093,000 after acquiring an additional 856,530 shares in the last quarter. Finally, Impax Asset Management Group plc boosted its position in 8X8 by 34.2% during the 3rd quarter. Impax Asset Management Group plc now owns 3,330,000 shares of the company’s stock worth $8,392,000 after acquiring an additional 848,201 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Company Profile

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.