8X8 (NASDAQ:EGHT) Given Buy Rating at Rosenblatt Securities

8X8 (NASDAQ:EGHT)‘s stock had its “buy” rating restated by Rosenblatt Securities in a note issued to investors on Tuesday,Benzinga reports. They currently have a $2.70 price target on the stock. Rosenblatt Securities’ price target points to a potential upside of 50.00% from the stock’s current price.

EGHT has been the subject of a number of other research reports. Needham & Company LLC increased their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a report on Wednesday, February 5th. B. Riley reissued a “buy” rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Monday, May 12th. Morgan Stanley decreased their target price on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a report on Wednesday, April 16th. Finally, Barclays lifted their price target on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.51.

8X8 Trading Down 0.6%

Shares of 8X8 stock opened at $1.80 on Tuesday. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52. The firm’s 50-day moving average price is $1.87 and its 200 day moving average price is $2.46. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The firm has a market capitalization of $237.05 million, a PE ratio of -5.00, a P/E/G ratio of 6.08 and a beta of 1.80.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of the business’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.14, for a total value of $107,000.00. Following the sale, the insider now owns 14,187,327 shares in the company, valued at approximately $30,360,879.78. The trade was a 0.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 254,678 shares of company stock valued at $562,412. Company insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On 8X8

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership purchased a new position in shares of 8X8 in the fourth quarter valued at approximately $2,126,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 8X8 by 17.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company’s stock valued at $2,131,000 after acquiring an additional 118,686 shares during the period. Raymond James Financial Inc. purchased a new stake in 8X8 in the 4th quarter valued at $144,000. Renaissance Technologies LLC boosted its stake in 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after purchasing an additional 404,077 shares during the period. Finally, Boston Partners grew its position in 8X8 by 3.9% during the 4th quarter. Boston Partners now owns 6,644,856 shares of the company’s stock worth $17,742,000 after purchasing an additional 252,083 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.