8×8, Inc. (NASDAQ:EGHT) Receives $2.99 Average PT from Brokerages

8×8, Inc. (NASDAQ:EGHT) has been given a consensus recommendation of “Hold” by the eight research firms that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $2.99.

A number of equities analysts recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Saturday, March 22nd. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $2.75 to $2.50 in a research report on Friday, December 13th. 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 report on Wednesday, December 18th. Barclays increased their price objective on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Rosenblatt Securities lowered their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday, February 3rd.

Insider Transactions at 8X8

In other news, major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $2.23, for a total value of $226,741.94. Following the transaction, the insider now directly owns 14,085,649 shares of the company’s stock, valued at approximately $31,410,997.27. This trade represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Laurence Denny sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were 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 directly owns 233,791 shares of the company’s stock, valued at approximately $701,373. This represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,678 shares of company stock valued at $591,532 over the last 90 days. Corporate insiders own 1.22% of the company’s stock.

Institutional Trading of 8X8

Hedge funds and other institutional investors have recently modified their holdings of the business. B. Riley Financial Inc. purchased a new position in 8X8 during the 3rd quarter valued at about $1,997,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of 8X8 during the fourth quarter worth approximately $2,126,000. Invenomic Capital Management LP raised its holdings in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of 8X8 by 1,101.0% in the fourth quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock valued at $1,177,000 after purchasing an additional 404,077 shares during the period. Finally, Two Sigma Advisers LP raised its position in 8X8 by 39.2% during the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock worth $3,254,000 after buying an additional 343,400 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Price Performance

Shares of 8X8 stock opened at $2.00 on Friday. The stock has a 50 day moving average of $2.57 and a 200 day moving average of $2.53. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52. The firm has a market cap of $263.39 million, a PE ratio of -5.56, a PEG ratio of 6.08 and a beta of 1.78. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

8X8 (NASDAQ:EGHT) last announced its 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%. On average, research analysts expect that 8X8 will post 0.04 EPS for the current fiscal year.

8X8 Company Profile

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.