8×8, Inc. (NASDAQ:EGHT) Given Average Rating of “Hold” by Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have been given an average rating of “Hold” by the eight brokerages that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $2.99.

Several equities research analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Wedbush upgraded shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Needham & Company LLC increased their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, February 1st. Finally, StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th.

Insider Buying and Selling at 8X8

In related news, insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was 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 of the company’s stock, valued at approximately $701,373. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 12,980 shares of company stock worth $38,817 over the last ninety days. Company insiders own 1.22% of the company’s stock.

Institutional Investors Weigh In On 8X8

Large investors have recently added to or reduced their stakes in the stock. Boston Partners grew its position in shares of 8X8 by 3.9% during the fourth quarter. Boston Partners now owns 6,644,856 shares of the company’s stock worth $17,742,000 after acquiring an additional 252,083 shares during the last quarter. Invenomic Capital Management LP grew its position in 8X8 by 10.5% in the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after purchasing an additional 524,580 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares during the period. FMR LLC raised its holdings in shares of 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after buying an additional 314,441 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of 8X8 by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after buying an additional 145,606 shares during the period. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Trading Up 3.8 %

EGHT opened at $2.97 on Friday. The firm’s 50 day moving average is $2.78 and its 200-day moving average is $2.43. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.41. The company has a quick ratio of 1.18, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The firm has a market capitalization of $391.12 million, a P/E ratio of -8.25, a P/E/G ratio of 24.40 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. Analysts expect that 8X8 will post 0.01 EPS for the current fiscal year.

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.