Brokerages Set 8×8, Inc. (NASDAQ:EGHT) Price Target at $2.99

8×8, Inc. (NASDAQ:EGHT) has been assigned an average recommendation of “Hold” from the eight research firms that are presently 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 issued a buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $2.99.

EGHT has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. B. Riley reiterated a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Wells Fargo & Company upped their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a report on Saturday, February 1st.

Insider Buying and Selling at 8X8

In other news, insider Laurence Denny sold 10,000 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the sale, the insider now owns 233,791 shares in the company, valued at approximately $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 12,980 shares of company stock valued at $38,817 over the last three months. 1.22% of the stock is owned by company insiders.

Institutional Trading of 8X8

Large investors have recently bought and sold shares of the company. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 in the fourth quarter valued at $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in 8X8 in the 3rd quarter worth $30,000. Picton Mahoney Asset Management lifted its holdings in 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after buying an additional 3,876 shares in the last quarter. Cibc World Markets Corp purchased a new position in 8X8 in the 4th quarter valued at about $32,000. Finally, O Shaughnessy Asset Management LLC acquired a new stake in shares of 8X8 during the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Stock Performance

Shares of EGHT opened at $3.47 on Friday. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.50. The company’s 50 day simple moving average is $2.78 and its 200 day simple moving average is $2.44. The company has a market capitalization of $456.96 million, a price-to-earnings ratio of -9.64, a PEG ratio of 24.40 and a beta of 1.66. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.18 and a current ratio of 1.25.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. On average, sell-side analysts predict that 8X8 will post 0.01 EPS for the current year.

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.