Analysts Set 8×8, Inc. (NASDAQ:EGHT) Price Target at $2.99

8×8, Inc. (NASDAQ:EGHT) has received an average rating of “Hold” from the eight analysts that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $2.99.

EGHT has been the topic of several research reports. Barclays boosted 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. Morgan Stanley lifted their price target on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. StockNews.com lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research note on Wednesday, February 19th. Finally, Needham & Company LLC upped their price objective on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, February 5th.

Insider Transactions at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value 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 trade 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 valued at $38,817 in the last quarter. 1.22% of the stock is owned by insiders.

Institutional Investors Weigh In On 8X8

Several hedge funds and other institutional investors have recently modified their holdings of EGHT. Pallas Capital Advisors LLC bought a new position in shares of 8X8 in the fourth quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of 8X8 during the 3rd quarter valued at about $30,000. Picton Mahoney Asset Management lifted its stake in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after purchasing an additional 3,876 shares during the last quarter. Captrust Financial Advisors bought a new stake in 8X8 in the fourth quarter worth $30,000. Finally, Cibc World Markets Corp bought a new stake in shares of 8X8 in the 4th quarter worth about $32,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Trading Down 3.0 %

NASDAQ:EGHT opened at $2.30 on Tuesday. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52. The firm has a fifty day simple moving average of $2.74 and a two-hundred day simple moving average of $2.48. 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 stock has a market capitalization of $302.90 million, a price-to-earnings ratio of -6.39, a PEG ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. 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.