8×8, Inc. (NASDAQ:EGHT) Receives Consensus Rating of “Hold” from Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have received an average rating of “Hold” from the eight ratings firms that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on 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 analysts have commented on the company. Morgan Stanley lifted their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Barclays raised their price target on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” 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 Friday.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.30 on Tuesday. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.52. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The firm has a market capitalization of $302.90 million, a P/E ratio of -6.39, a P/E/G ratio of 6.08 and a beta of 1.78. The stock has a 50 day moving average price of $2.73 and a 200-day moving average price of $2.49.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating 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, equities research analysts anticipate that 8X8 will post 0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Laurence Denny sold 10,000 shares of the company’s 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 12,980 shares of company stock worth $38,817 over the last 90 days. Company insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On 8X8

Several hedge funds have recently made changes to their positions in the company. Pallas Capital Advisors LLC acquired a new stake in 8X8 during the 4th quarter worth about $29,000. Wealth Enhancement Advisory Services LLC acquired a new stake in 8X8 during the 3rd quarter worth about $30,000. Picton Mahoney Asset Management grew its position in 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after purchasing an additional 3,876 shares during the period. Captrust Financial Advisors acquired a new stake in 8X8 during the 4th quarter worth about $30,000. Finally, Cibc World Markets Corp acquired a new stake in 8X8 during the 4th quarter worth about $32,000. 93.99% of the stock is owned by institutional investors and hedge funds.

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.