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

8×8 Inc (NASDAQ:EGHT) has been assigned an average recommendation of “Hold” from the seven analysts that are covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $2.23.

EGHT has been the topic of several research analyst reports. Rosenblatt Securities decreased their price target 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. Zacks Research raised 8X8 from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th. Finally, Weiss Ratings reiterated 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 stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total transaction of $212,610.00. Following the completion of the transaction, the insider directly owned 652,943 shares in the company, valued at approximately $1,632,357.50. This represents a 11.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.01% of the stock is owned by company insiders.

Institutional Investors Weigh In On 8X8

Hedge funds have recently bought and sold shares of the business. DGS Capital Management LLC lifted its position in 8X8 by 62.4% during the fourth quarter. DGS Capital Management LLC now owns 46,945 shares of the company’s stock valued at $92,000 after purchasing an additional 18,043 shares during the last quarter. Invesco Ltd. increased its holdings in shares of 8X8 by 2.4% in the 4th quarter. Invesco Ltd. now owns 339,374 shares of the company’s stock worth $669,000 after buying an additional 7,976 shares during the last quarter. XTX Topco Ltd raised its position in shares of 8X8 by 27.4% during the 4th quarter. XTX Topco Ltd now owns 394,462 shares of the company’s stock valued at $777,000 after buying an additional 84,719 shares in the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of 8X8 during the 4th quarter valued at about $46,000. Finally, Quadrature Capital Ltd lifted its holdings in shares of 8X8 by 535.6% in the 4th quarter. Quadrature Capital Ltd now owns 86,973 shares of the company’s stock valued at $171,000 after acquiring an additional 73,289 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Down 4.9%

8X8 stock opened at $1.93 on Friday. 8X8 has a 1 year low of $1.52 and a 1 year high of $2.84. The firm’s 50 day moving average price is $2.11 and its 200-day moving average price is $2.04. The company has a debt-to-equity ratio of 2.06, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market cap of $268.89 million, a P/E ratio of -96.45, a PEG ratio of 1.39 and a beta of 1.74.

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.