8X8 (NASDAQ:EGHT) Downgraded to Hold Rating by Zacks Research

Zacks Research cut shares of 8X8 (NASDAQ:EGHT) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks.com reports.

EGHT has been the subject of several other reports. Rosenblatt Securities lowered their target price on 8X8 from $3.50 to $2.75 and set a “buy” rating for the company in a report on Thursday, February 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $2.23.

8X8 Trading Up 4.4%

8X8 stock traded up $0.08 during mid-day trading on Monday, hitting $1.78. The company’s stock had a trading volume of 153,408 shares, compared to its average volume of 1,675,066. The company has a 50 day moving average of $2.11 and a 200-day moving average of $2.01. The stock has a market cap of $247.29 million, a PE ratio of -88.71, a P/E/G ratio of 1.32 and a beta of 1.81. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.13 and a current ratio of 1.13. 8X8 has a one year low of $1.52 and a one year high of $2.84.

Insider Buying and Selling at 8X8

In other 8X8 news, insider Hunter Middleton sold 85,044 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total value of $212,610.00. Following the completion of the sale, the insider directly owned 652,943 shares in the company, valued at approximately $1,632,357.50. This represents a 11.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.01% of the company’s stock.

Institutional Investors Weigh In On 8X8

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of 8X8 by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company’s stock worth $29,453,000 after purchasing an additional 317,196 shares during the last quarter. Boston Partners lifted its stake in shares of 8X8 by 7.9% during the 3rd quarter. Boston Partners now owns 8,582,614 shares of the company’s stock worth $18,192,000 after purchasing an additional 625,479 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of 8X8 by 31.9% during the 3rd quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock worth $13,217,000 after purchasing an additional 1,506,586 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of 8X8 by 14.9% during the 4th quarter. AQR Capital Management LLC now owns 3,408,703 shares of the company’s stock worth $6,715,000 after purchasing an additional 441,157 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of 8X8 by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 3,310,912 shares of the company’s stock worth $6,524,000 after purchasing an additional 23,300 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.