8×8 Inc (NASDAQ:EGHT) Given Consensus Recommendation of “Reduce” by Brokerages

8×8 Inc (NASDAQ:EGHT) has been given a consensus recommendation of “Reduce” by the eight research firms that are covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $2.4857.

Several research analysts have recently weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Rosenblatt Securities restated a “buy” rating and issued a $2.50 target price on shares of 8X8 in a research note on Wednesday, November 5th.

8X8 Price Performance

NASDAQ EGHT opened at $1.70 on Friday. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $235.69 million, a price-to-earnings ratio of -42.50, a PEG ratio of 1.72 and a beta of 1.78. The business has a 50 day simple moving average of $1.93 and a 200 day simple moving average of $1.96. 8X8 has a 52-week low of $1.52 and a 52-week high of $3.52.

Hedge Funds Weigh In On 8X8

Hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC grew its stake in 8X8 by 29.9% in the 2nd quarter. Acadian Asset Management LLC now owns 3,380,762 shares of the company’s stock valued at $6,623,000 after buying an additional 779,010 shares during the last quarter. Boston Partners boosted its holdings in shares of 8X8 by 24.0% during the second quarter. Boston Partners now owns 7,957,135 shares of the company’s stock worth $15,595,000 after acquiring an additional 1,537,615 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of 8X8 by 19.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 932,992 shares of the company’s stock valued at $1,829,000 after purchasing an additional 151,308 shares during the last quarter. Panagora Asset Management Inc. bought a new position in shares of 8X8 during the second quarter worth approximately $1,518,000. Finally, Rhumbline Advisers increased its stake in shares of 8X8 by 11.0% during the first quarter. Rhumbline Advisers now owns 183,594 shares of the company’s stock worth $367,000 after purchasing an additional 18,214 shares during the period. Institutional investors own 93.99% of the company’s stock.

About 8X8

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.