8X8 (NASDAQ:EGHT) Lowered to Buy Rating by StockNews.com

8X8 (NASDAQ:EGHT) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Monday.

A number of other equities analysts have also recently weighed in on EGHT. Barclays increased their price objective on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Wells Fargo & Company lowered their price objective on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Tuesday, April 22nd. Mizuho decreased their price target on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a research report on Tuesday, April 15th. Rosenblatt Securities decreased their price target on shares of 8X8 from $3.30 to $2.70 and set a “buy” rating for the company in a research report on Thursday, April 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research report on Saturday. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $2.66.

8X8 Stock Performance

NASDAQ:EGHT opened at $1.93 on Monday. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The stock has a market capitalization of $254.17 million, a P/E ratio of -5.36, a PEG ratio of 6.08 and a beta of 1.80. The company has a 50 day moving average price of $1.90 and a 200 day moving average price of $2.47. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

Insider Buying and Selling at 8X8

In other news, major shareholder Sylebra Capital Llc sold 100,000 shares of the firm’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the sale, the insider now directly owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. This trade represents a 0.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 253,678 shares of company stock valued at $560,602 in the last 90 days. Company insiders own 1.22% of the company’s stock.

Institutional Investors Weigh In On 8X8

Hedge funds and other institutional investors have recently modified their holdings of the company. National Bank of Canada FI acquired a new stake in shares of 8X8 in the 1st quarter valued at $26,000. Pallas Capital Advisors LLC acquired a new stake in 8X8 during the 4th quarter worth $29,000. Algert Global LLC acquired a new stake in 8X8 during the 1st quarter worth $29,000. Picton Mahoney Asset Management raised its stake in 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after acquiring an additional 3,876 shares in the last quarter. Finally, Captrust Financial Advisors acquired a new stake in 8X8 during the 4th quarter worth $30,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

About 8X8

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.