8×8 Inc (NASDAQ:EGHT) Given Consensus Rating of “Hold” by Brokerages

8×8 Inc (NASDAQ:EGHT) has earned a consensus rating of “Hold” from the eight brokerages that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $2.51.

A number of equities research analysts recently issued reports on the company. Morgan Stanley dropped their target price on 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company dropped their target price 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 dropped their target price on 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 15th. B. Riley reissued a “buy” rating and issued a $3.00 target price (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 set a $2.70 price target on shares of 8X8 in a research report on Tuesday, May 20th.

8X8 Price Performance

Shares of EGHT opened at $1.93 on Monday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.77. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.52. The stock has a market cap of $259.55 million, a P/E ratio of -9.19 and a beta of 1.83. The stock’s 50-day moving average price is $1.83 and its two-hundred day moving average price is $2.18.

Insider Transactions at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total value of $368,000.00. Following the transaction, the insider owned 13,885,649 shares in the company, valued at approximately $25,549,594.16. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 312,470 shares of company stock valued at $569,620 in the last 90 days. 2.01% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Picton Mahoney Asset Management lifted its holdings in shares of 8X8 by 53.6% in the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after purchasing an additional 3,876 shares in the last quarter. Captrust Financial Advisors bought a new stake in 8X8 during the fourth quarter worth $30,000. Cibc World Markets Corp bought a new stake in 8X8 during the fourth quarter worth $32,000. O Shaughnessy Asset Management LLC bought a new stake in 8X8 during the fourth quarter worth $34,000. Finally, National Bank of Canada FI bought a new stake in 8X8 during the first quarter worth $26,000. 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.