8×8, Inc. (NASDAQ:EGHT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

8×8, Inc. (NASDAQ:EGHT) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $3.72.

Several research firms recently issued reports on EGHT. Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price objective on shares of 8X8 in a report on Thursday, February 1st.

Insider Transactions at 8X8

In other news, CEO Samuel C. Wilson sold 13,740 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $2.66, for a total transaction of $36,548.40. Following the transaction, the chief executive officer now directly owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 32,289 shares of company stock worth $81,979 in the last ninety days. Insiders own 1.08% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EGHT. Captrust Financial Advisors lifted its holdings in 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 during the last quarter. Dark Forest Capital Management LP acquired a new position in 8X8 in the third quarter valued at approximately $43,000. Toroso Investments LLC acquired a new position in 8X8 in the first quarter valued at approximately $44,000. Meeder Asset Management Inc. lifted its holdings in 8X8 by 1,620.9% in the fourth quarter. Meeder Asset Management Inc. now owns 10,360 shares of the company’s stock valued at $45,000 after acquiring an additional 9,758 shares during the last quarter. Finally, Mackay Shields LLC acquired a new position in 8X8 in the first quarter valued at approximately $46,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Trading Down 2.6 %

EGHT stock opened at $2.23 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73. 8X8 has a 12-month low of $2.15 and a 12-month high of $4.88. The stock has a market cap of $275.23 million, a price-to-earnings ratio of -5.07 and a beta of 1.46. The business’s 50-day moving average is $2.66 and its 200 day moving average is $2.95.

About 8X8

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.