8X8 (NASDAQ:EGHT) PT Lowered to $3.00

8X8 (NASDAQ:EGHT) had its price target dropped by equities researchers at Morgan Stanley from $3.80 to $3.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 34.53% from the stock’s previous close.

EGHT has been the topic of a number of other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 price target on shares of 8X8 in a research note on Thursday, February 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $4.00 price target on shares of 8X8 in a research note on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $3.68.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.23 on Wednesday. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a fifty day moving average price of $2.66 and a 200 day moving average price of $2.95. 8X8 has a fifty-two week low of $2.15 and a fifty-two week high of $4.88. The firm has a market cap of $275.23 million, a price-to-earnings ratio of -5.07 and a beta of 1.46.

Insider Buying and Selling

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction dated Monday, March 18th. The shares were 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 document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 32,289 shares of company stock valued at $81,979 in the last 90 days. Company insiders own 1.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGHT. Sylebra Capital LLC bought a new position in 8X8 during the 3rd quarter worth about $36,261,000. Vanguard Group Inc. grew its holdings in 8X8 by 16.8% during the 3rd quarter. Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock worth $66,311,000 after acquiring an additional 2,763,997 shares in the last quarter. Kent Lake Capital LLC bought a new stake in shares of 8X8 in the 4th quarter valued at about $10,395,000. Bank of New York Mellon Corp boosted its holdings in shares of 8X8 by 210.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company’s stock valued at $7,524,000 after buying an additional 2,024,020 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of 8X8 by 1,632.4% in the 2nd quarter. Millennium Management LLC now owns 1,195,098 shares of the company’s stock valued at $6,155,000 after buying an additional 1,126,111 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors.

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.