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

8×8, Inc. (NASDAQ:EGHT) has earned an average recommendation of “Hold” from the eight ratings firms that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $2.99.

A number of brokerages have issued reports on EGHT. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and cut their target price for the company from $2.75 to $2.50 in a research report on Friday, December 13th. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Needham & Company LLC increased their target price on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Morgan Stanley lifted their target price on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, March 22nd.

Insider Buying and Selling at 8X8

In related news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the transaction, the insider now owns 233,791 shares in the company, valued at approximately $701,373. The trade was 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 the SEC website. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of the firm’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the completion of the sale, the insider now owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,678 shares of company stock valued at $591,532 in the last quarter. Corporate insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cerity Partners LLC raised its position in shares of 8X8 by 11.8% during the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock worth $73,000 after acquiring an additional 2,983 shares in the last quarter. Picton Mahoney Asset Management increased its stake in 8X8 by 53.6% in the fourth 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. Rhumbline Advisers raised its holdings in 8X8 by 5.2% during the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after purchasing an additional 8,100 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 8X8 by 14.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company’s stock worth $195,000 after purchasing an additional 9,093 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of 8X8 by 1.5% during the 4th quarter. Federated Hermes Inc. now owns 623,453 shares of the company’s stock worth $1,665,000 after buying an additional 9,114 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Down 5.7 %

Shares of NASDAQ:EGHT opened at $1.99 on Friday. The company has a market capitalization of $262.07 million, a price-to-earnings ratio of -5.53, a PEG ratio of 6.08 and a beta of 1.78. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.52. The business has a 50-day moving average price of $2.58 and a 200 day moving average price of $2.52. 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 quarterly earnings results 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 net margin of 6.33% and a negative return on equity of 1.45%. Sell-side analysts expect that 8X8 will post 0.04 EPS for the current 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.