Brokerages Set 8×8, Inc. (NASDAQ:EGHT) PT at $2.99

8×8, Inc. (NASDAQ:EGHT) has been assigned a consensus rating of “Hold” from the eight ratings firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $2.99.

A number of research firms recently weighed in on EGHT. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, March 22nd. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Morgan Stanley boosted their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Finally, 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.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $1.72 on Friday. The stock has a market cap of $226.51 million, a P/E ratio of -4.78, a P/E/G ratio of 6.08 and a beta of 1.81. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52. The stock has a 50 day moving average of $2.51 and a two-hundred day moving average 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 issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, research analysts forecast that 8X8 will post 0.04 earnings per share for the current year.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 101,678 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the sale, the insider now owns 14,085,649 shares of the company’s stock, valued at approximately $31,410,997.27. This represents a 0.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Laurence Denny sold 10,000 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the sale, the insider now owns 233,791 shares in the company, valued at approximately $701,373. This trade represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,678 shares of company stock worth $591,532 over the last 90 days. 1.22% of the stock is currently owned by corporate insiders.

Institutional Trading of 8X8

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pallas Capital Advisors LLC purchased a new stake in 8X8 during the 4th quarter worth about $29,000. Picton Mahoney Asset Management raised its position in shares of 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 buying an additional 3,876 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of 8X8 during the fourth quarter valued at approximately $30,000. Cibc World Markets Corp acquired a new stake in 8X8 during the fourth quarter worth approximately $32,000. Finally, O Shaughnessy Asset Management LLC acquired a new stake in 8X8 during the fourth quarter worth approximately $34,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.