8X8’s (EGHT) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of 8X8 (NASDAQ:EGHT) in a research report released on Wednesday,Benzinga reports. Rosenblatt Securities currently has a $3.00 price objective on the stock.

Separately, Weiss Ratings upgraded 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.72.

8X8 Price Performance

NASDAQ EGHT opened at $2.30 on Wednesday. The firm’s 50 day moving average is $1.91 and its 200-day moving average is $2.02. The company has a quick ratio of 1.09, a current ratio of 1.05 and a debt-to-equity ratio of 1.83. The company has a market capitalization of $332.21 million, a PE ratio of 57.51, a price-to-earnings-growth ratio of 1.64 and a beta of 1.83. 8X8 has a 12-month low of $1.57 and a 12-month high of $2.88.

Insider Buying and Selling

In other news, Director Elizabeth Harriet Theophille sold 20,207 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $1.81, for a total value of $36,574.67. Following the completion of the transaction, the director directly owned 167,086 shares in the company, valued at approximately $302,425.66. The trade was a 10.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 8X8

A number of hedge funds have recently made changes to their positions in EGHT. BlackRock Inc. bought a new position in 8X8 in the second quarter valued at about $20,624,000. Deutsche Bank AG bought a new stake in shares of 8X8 during the 2nd quarter valued at about $1,237,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of 8X8 during the 2nd quarter valued at $80,000. Bank of New York Mellon Corp acquired a new stake in 8X8 in the second quarter worth $1,010,000. Finally, State of Wyoming bought a new stake in 8X8 in the second quarter valued at $336,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.