Analysts Set 8×8 Inc (NASDAQ:EGHT) PT at $2.49

Shares of 8×8 Inc (NASDAQ:EGHT) have earned a consensus recommendation of “Reduce” from the eight ratings firms that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $2.4857.

Several equities research analysts recently commented on EGHT shares. Morgan Stanley set a $1.90 price objective on 8X8 in a research report on Friday, August 29th. Rosenblatt Securities reaffirmed a “buy” rating and set a $2.50 price objective on shares of 8X8 in a research report on Thursday, August 21st. Wall Street Zen raised 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research report on Wednesday, October 8th.

Insider Transactions at 8X8

In other 8X8 news, Director Elizabeth Harriet Theophille sold 24,271 shares of the firm’s stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $2.05, for a total value of $49,755.55. Following the transaction, the director directly owned 187,293 shares of the company’s stock, valued at approximately $383,950.65. This trade represents a 11.47% 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 own 2.01% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of EGHT. National Bank of Canada FI bought a new position in shares of 8X8 in the first quarter worth about $26,000. Nisa Investment Advisors LLC raised its stake in shares of 8X8 by 359.7% in the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock worth $26,000 after buying an additional 10,205 shares during the period. Diversified Trust Co bought a new position in shares of 8X8 in the second quarter worth about $28,000. Algert Global LLC bought a new position in shares of 8X8 in the first quarter worth about $29,000. Finally, R Squared Ltd bought a new position in shares of 8X8 in the second quarter worth about $34,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $1.90 on Wednesday. The company has a debt-to-equity ratio of 2.56, a current ratio of 1.18 and a quick ratio of 1.18. 8X8 has a 1-year low of $1.52 and a 1-year high of $3.52. The company has a market capitalization of $259.10 million, a PE ratio of -11.88, a PEG ratio of 2.14 and a beta of 1.89. The business has a fifty day moving average price of $2.01 and a 200-day moving average price of $1.89.

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.