8×8, Inc. (NASDAQ:EGHT) Receives $2.99 Consensus PT from Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have received a consensus rating of “Hold” from the eight analysts that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $2.99.

Several equities research analysts recently issued reports on EGHT shares. Morgan Stanley upped their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Wedbush raised shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. StockNews.com lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, February 1st.

Insider Transactions at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the sale, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 12,980 shares of company stock worth $38,817. Company insiders own 1.22% of the company’s stock.

Institutional Investors Weigh In On 8X8

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cerity Partners LLC increased its stake in 8X8 by 11.8% during the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock valued at $73,000 after buying an additional 2,983 shares during the period. Picton Mahoney Asset Management increased its stake in shares of 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after acquiring an additional 3,876 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in 8X8 by 0.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after purchasing an additional 4,145 shares in the last quarter. Creative Planning lifted its position in 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares during the period. Finally, Rhumbline Advisers boosted its stake in 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock valued at $442,000 after purchasing an additional 8,100 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors.

8X8 Price Performance

Shares of EGHT stock opened at $3.47 on Friday. The firm has a fifty day moving average of $2.78 and a two-hundred day moving average of $2.44. The firm has a market cap of $456.96 million, a P/E ratio of -9.64, a P/E/G ratio of 24.40 and a beta of 1.66. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.50. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.18.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. As a group, research analysts anticipate that 8X8 will post 0.01 earnings per share for the current fiscal 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.