8X8 (NASDAQ:EGHT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of 8X8 (NASDAQ:EGHT) from a buy rating to a strong-buy rating in a research report released on Saturday.

Other analysts have also issued reports about the stock. Morgan Stanley lowered their target price on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Rosenblatt Securities reiterated a “buy” rating and issued a $2.70 target price on shares of 8X8 in a report on Tuesday, May 20th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Wednesday, June 11th. B. Riley restated a “buy” rating and set a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Finally, Mizuho dropped their target price on 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.51.

8X8 Stock Down 0.6%

NASDAQ EGHT opened at $1.74 on Friday. The firm has a market capitalization of $234.00 million, a price-to-earnings ratio of -8.29 and a beta of 1.79. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.77. The company has a fifty day moving average of $1.74 and a two-hundred day moving average of $2.25.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total transaction of $368,000.00. Following the completion of the transaction, the insider now directly owns 13,885,649 shares of the company’s stock, valued at $25,549,594.16. This represents a 1.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 312,470 shares of company stock worth $569,620. Corporate insiders own 2.01% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EGHT. Segall Bryant & Hamill LLC acquired a new stake in shares of 8X8 in the 1st quarter worth $2,910,000. Acadian Asset Management LLC grew its holdings in shares of 8X8 by 60.7% during the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company’s stock worth $5,201,000 after purchasing an additional 982,342 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of 8X8 during the 4th quarter worth $2,126,000. Jacobs Levy Equity Management Inc. purchased a new position in 8X8 during the 1st quarter valued at about $863,000. Finally, Renaissance Technologies LLC boosted its holdings in 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock valued at $1,177,000 after acquiring an additional 404,077 shares during the period. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

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.