8×8, Inc. (NASDAQ:EGHT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

8×8, Inc. (NASDAQ:EGHT) has been assigned an average recommendation of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $3.68.

A number of research firms have commented on EGHT. Morgan Stanley reduced their price target on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 target price on shares of 8X8 in a research note on Monday, March 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of 8X8 in a research note on Thursday, February 1st.

8X8 Price Performance

NASDAQ:EGHT opened at $2.18 on Friday. The firm has a market cap of $269.06 million, a PE ratio of -4.95 and a beta of 1.46. 8X8 has a 12 month low of $2.12 and a 12 month high of $4.88. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 3.73. The company’s 50-day moving average price is $2.64 and its two-hundred day moving average price is $2.95.

Insiders Place Their Bets

In related news, CEO Samuel C. Wilson sold 13,740 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the completion of the sale, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders sold 32,289 shares of company stock valued at $81,979. Insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors and hedge funds have recently modified their holdings of EGHT. Sylebra Capital LLC bought a new stake in shares of 8X8 during the third quarter worth approximately $36,261,000. Vanguard Group Inc. grew its holdings in 8X8 by 16.8% during the third quarter. Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock valued at $66,311,000 after purchasing an additional 2,763,997 shares during the period. Kent Lake Capital LLC acquired a new position in 8X8 during the fourth quarter valued at approximately $10,395,000. Bank of New York Mellon Corp grew its holdings in 8X8 by 210.4% during the third quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company’s stock valued at $7,524,000 after purchasing an additional 2,024,020 shares during the period. Finally, Millennium Management LLC grew its holdings in 8X8 by 1,632.4% during the second quarter. Millennium Management LLC now owns 1,195,098 shares of the company’s stock valued at $6,155,000 after purchasing an additional 1,126,111 shares during the period. 93.99% of the stock is owned by institutional investors.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.