Brokerages Set 8×8 Inc (NASDAQ:EGHT) Price Target at $2.51

8×8 Inc (NASDAQ:EGHT) has been given a consensus rating of “Hold” by the eight analysts that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $2.51.

Several brokerages have commented on EGHT. Wells Fargo & Company cut their price objective on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Tuesday, April 22nd. Mizuho cut their price objective on 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 15th. Wall Street Zen downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 29th. B. Riley reaffirmed a “buy” rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.70 price objective on shares of 8X8 in a research report on Tuesday, May 20th.

8X8 Stock Performance

NASDAQ EGHT opened at $1.84 on Thursday. The company has a market cap of $247.44 million, a P/E ratio of -8.76 and a beta of 1.79. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.20 and a current ratio of 1.20. The business’s 50 day moving average price is $1.74 and its 200-day moving average price is $2.29. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

Insider Transactions at 8X8

In other news, major shareholder Sylebra Capital Llc sold 103,826 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the transaction, the insider now owns 13,781,823 shares of the company’s stock, valued at approximately $24,669,463.17. This represents a 0.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 457,504 shares of company stock valued at $891,070. 1.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 8X8

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Segall Bryant & Hamill LLC purchased a new stake in shares of 8X8 during the 1st quarter worth $2,910,000. Acadian Asset Management LLC lifted its stake in shares of 8X8 by 60.7% during the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company’s stock worth $5,201,000 after purchasing an additional 982,342 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of 8X8 during the 4th quarter worth $2,126,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of 8X8 during the 1st quarter worth $863,000. Finally, Renaissance Technologies LLC lifted its stake in shares of 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after purchasing an additional 404,077 shares during the last quarter. Institutional investors own 93.99% of the company’s stock.

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.