8×8 Inc (NASDAQ:EGHT) Receives $2.23 Consensus Target Price from Brokerages

8×8 Inc (NASDAQ:EGHT) has received a consensus recommendation of “Hold” from the seven ratings firms that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $2.23.

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

8X8 Price Performance

NASDAQ EGHT opened at $2.06 on Friday. The stock has a market capitalization of $287.00 million, a price-to-earnings ratio of -102.95, a PEG ratio of 1.44 and a beta of 1.74. 8X8 has a 1-year low of $1.52 and a 1-year high of $2.84. 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 business’s fifty day moving average price is $2.11 and its 200-day moving average price is $2.04.

Insider Buying and Selling at 8X8

In other news, insider Hunter Middleton sold 85,044 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $2.50, for a total transaction of $212,610.00. Following the completion of the sale, the insider owned 652,943 shares of the company’s stock, valued at $1,632,357.50. The trade was a 11.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 8X8

Institutional investors have recently bought and sold shares of the stock. Prelude Capital Management LLC bought a new stake in 8X8 during the third quarter valued at about $26,000. CIBC Bancorp USA Inc. bought a new position in shares of 8X8 during the 3rd quarter valued at approximately $30,000. Schonfeld Strategic Advisors LLC purchased a new stake in 8X8 in the 3rd quarter worth approximately $31,000. Brighton Jones LLC bought a new stake in 8X8 during the 3rd quarter worth approximately $34,000. Finally, Abel Hall LLC purchased a new position in 8X8 during the fourth quarter valued at approximately $33,000. 93.99% of the stock is owned by institutional investors.

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.