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

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

Several research firms have commented on EGHT. Rosenblatt Securities reiterated a “buy” rating and set a $2.50 price objective on shares of 8X8 in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a research report on Monday, December 29th.

Institutional Investors Weigh In On 8X8

A number of hedge funds have recently modified their holdings of the business. Invesco Ltd. boosted its position in 8X8 by 33.3% during the first quarter. Invesco Ltd. now owns 355,571 shares of the company’s stock worth $711,000 after acquiring an additional 88,911 shares during the last quarter. Nuveen LLC purchased a new position in 8X8 in the 1st quarter worth approximately $639,000. American Century Companies Inc. lifted its stake in 8X8 by 22.9% in the 1st quarter. American Century Companies Inc. now owns 268,331 shares of the company’s stock worth $537,000 after purchasing an additional 49,930 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of 8X8 during the 1st quarter worth approximately $863,000. Finally, Dynamic Technology Lab Private Ltd grew its position in shares of 8X8 by 505.2% in the first quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company’s stock valued at $158,000 after purchasing an additional 66,070 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Stock Down 4.1%

Shares of NASDAQ EGHT opened at $1.89 on Monday. The firm has a market cap of $262.03 million, a price-to-earnings ratio of -47.25, a price-to-earnings-growth ratio of 1.90 and a beta of 1.78. The company’s 50-day simple moving average is $1.98 and its 200-day simple moving average is $1.98. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.30. 8X8 has a 52-week low of $1.52 and a 52-week high of $3.52.

About 8X8

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.