8X8 (NASDAQ:EGHT) Price Target Cut to $3.00

8X8 (NASDAQ:EGHT) had its price objective trimmed by Morgan Stanley from $3.80 to $3.00 in a research report released on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other research firms have also recently issued reports on EGHT. Needham & Company LLC reiterated a buy rating and set a $5.00 price objective on shares of 8X8 in a research report on Thursday, February 1st. Rosenblatt Securities reiterated a buy rating and set a $4.00 price target on shares of 8X8 in a report on Monday, March 18th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $3.68.

8X8 Stock Up 1.4 %

Shares of NASDAQ EGHT opened at $2.18 on Wednesday. The company has a market cap of $269.06 million, a price-to-earnings ratio of -4.95 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. 8X8 has a 12 month low of $2.12 and a 12 month high of $4.88. The stock has a 50-day moving average price of $2.64 and a two-hundred day moving average price of $2.95.

Insiders Place Their Bets

In other news, CEO Samuel C. Wilson sold 13,740 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 32,289 shares of company stock valued at $81,979 in the last ninety days. 1.08% of the stock is currently owned by insiders.

Institutional Trading of 8X8

Institutional investors and hedge funds have recently bought and sold shares of the stock. Captrust Financial Advisors increased its stake in shares of 8X8 by 832.8% in the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock valued at $38,000 after buying an additional 2,665 shares during the period. Dark Forest Capital Management LP bought a new stake in 8X8 in the third quarter valued at approximately $43,000. Toroso Investments LLC acquired a new stake in 8X8 during the 1st quarter valued at approximately $44,000. Meeder Asset Management Inc. raised its holdings in 8X8 by 1,620.9% during the 4th quarter. Meeder Asset Management Inc. now owns 10,360 shares of the company’s stock worth $45,000 after purchasing an additional 9,758 shares during the last quarter. Finally, Mackay Shields LLC acquired a new position in shares of 8X8 in the 1st quarter worth approximately $46,000. 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.