8×8, Inc. (NASDAQ:EGHT) Receives $3.72 Consensus Target Price from Analysts

Shares of 8×8, Inc. (NASDAQ:EGHT) have earned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $3.68.

Several equities research analysts recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price objective on shares of 8X8 in a research note on Thursday, February 1st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research note on Monday, March 18th.

Insider Buying and Selling at 8X8

In other news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the transaction, the chief executive officer now directly owns 1,022,288 shares in the company, valued at $2,719,286.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 32,289 shares of company stock worth $81,979. 1.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Captrust Financial Advisors boosted its holdings in shares of 8X8 by 832.8% in the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock valued at $38,000 after acquiring an additional 2,665 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in 8X8 during the third quarter worth approximately $43,000. Toroso Investments LLC bought a new stake in 8X8 during the first quarter worth approximately $44,000. Meeder Asset Management Inc. boosted its stake in 8X8 by 1,620.9% in the 4th quarter. Meeder Asset Management Inc. now owns 10,360 shares of the company’s stock worth $45,000 after purchasing an additional 9,758 shares during the period. Finally, Mackay Shields LLC acquired a new position in 8X8 in the 1st quarter worth approximately $46,000. 93.99% of the stock is currently owned by institutional investors.

8X8 Price Performance

EGHT opened at $2.18 on Friday. The firm has a market cap of $269.06 million, a price-to-earnings ratio of -4.95 and a beta of 1.46. 8X8 has a fifty-two week low of $2.12 and a fifty-two week high of $4.88. The company’s 50-day moving average price is $2.64 and its 200 day moving average price is $2.95. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 3.73.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.