Analysts Set 8×8 Inc (NASDAQ:EGHT) PT at $2.23

Shares of 8×8 Inc (NASDAQ:EGHT) have received an average rating of “Hold” from the seven analysts that are covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a sell rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $2.23.

A number of research firms have issued reports on EGHT. Zacks Research raised shares of 8X8 from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. Rosenblatt Securities cut their price objective on shares of 8X8 from $3.50 to $2.75 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of 8X8 in a research report on Monday, December 29th.

Insider Activity

In other news, insider Hunter Middleton sold 85,044 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total value of $212,610.00. Following the sale, the insider owned 652,943 shares in the company, valued at $1,632,357.50. This represents a 11.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.01% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Prelude Capital Management LLC purchased a new stake in 8X8 in the 3rd quarter worth approximately $26,000. Nisa Investment Advisors LLC boosted its holdings in 8X8 by 359.7% during 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 in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in 8X8 during the third quarter worth $30,000. Schonfeld Strategic Advisors LLC acquired a new stake in 8X8 during the third quarter valued at $31,000. Finally, Brighton Jones LLC purchased a new position in 8X8 in the third quarter valued at $34,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Stock Performance

Shares of EGHT opened at $2.29 on Tuesday. The stock has a 50-day moving average of $2.05 and a two-hundred day moving average of $2.00. 8X8 has a one year low of $1.52 and a one year high of $2.85. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market cap of $319.04 million, a P/E ratio of -114.44, a P/E/G ratio of 1.61 and a beta of 1.80.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.