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

Shares of 8×8, Inc. (NASDAQ:EGHT – Get Rating) have received a consensus rating of “Hold” from the eighteen brokerages that are presently covering the company, MarketBeat.com reports. Eight analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $6.08.

Several equities research analysts have commented on the company. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, May 15th. Rosenblatt Securities assumed coverage on 8X8 in a report on Thursday, March 23rd. They issued a “buy” rating and a $6.00 price objective on the stock. Barclays dropped their price objective on 8X8 from $5.00 to $4.00 in a research report on Friday, May 12th. Needham & Company LLC increased their price target on 8X8 from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. Finally, Roth Capital reaffirmed a “neutral” rating on shares of 8X8 in a research note on Thursday, February 2nd.

Insiders Place Their Bets

In other 8X8 news, insider Samuel C. Wilson sold 34,703 shares of the company’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $4.83, for a total transaction of $167,615.49. Following the completion of the transaction, the insider now owns 752,350 shares of the company’s stock, valued at approximately $3,633,850.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 42,485 shares of company stock valued at $197,198 over the last 90 days. Insiders own 1.30% of the company’s stock.

Institutional Trading of 8X8

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. ETF Managers Group LLC bought a new position in 8X8 in the 1st quarter worth $26,000. Signaturefd LLC raised its stake in shares of 8X8 by 325.9% during the fourth quarter. Signaturefd LLC now owns 7,049 shares of the company’s stock valued at $30,000 after acquiring an additional 5,394 shares in the last quarter. Captrust Financial Advisors lifted its holdings in 8X8 by 832.8% during the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock worth $38,000 after buying an additional 2,665 shares during the period. Coldstream Capital Management Inc. acquired a new position in shares of 8X8 during the fourth quarter worth $44,000. Finally, Toroso Investments LLC acquired a new position in shares of 8X8 during the first quarter worth $44,000. Hedge funds and other institutional investors own 94.22% of the company’s stock.

8X8 Trading Down 1.8 %

NASDAQ:EGHT opened at $3.76 on Wednesday. 8X8 has a fifty-two week low of $2.50 and a fifty-two week high of $7.81. The company has a debt-to-equity ratio of 4.29, a current ratio of 1.19 and a quick ratio of 1.55. The stock has a market capitalization of $425.07 million, a PE ratio of -5.97 and a beta of 1.28. The business’s 50-day simple moving average is $3.53 and its 200-day simple moving average is $4.58.

8X8 Company Profile

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8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.