Morgan Stanley Cuts 8X8 (NASDAQ:EGHT) Price Target to $3.00

8X8 (NASDAQ:EGHT) had its price target reduced by Morgan Stanley from $3.80 to $3.00 in a report published on Wednesday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts have also recently weighed in on EGHT. Rosenblatt Securities reiterated a buy rating and set a $4.00 price objective on shares of 8X8 in a research report on Monday, March 18th. Needham & Company LLC reiterated a buy rating and set a $5.00 price target on shares of 8X8 in a report on Thursday, February 1st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $3.68.

8X8 Trading Down 2.6 %

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

Insider Transactions at 8X8

In related news, CEO Samuel C. Wilson sold 13,740 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the transaction, the chief executive officer now owns 1,022,288 shares of the company’s stock, valued at approximately $2,719,286.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 32,289 shares of company stock worth $81,979. Insiders own 1.08% of the company’s stock.

Hedge Funds Weigh In On 8X8

Hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors raised its stake in shares of 8X8 by 832.8% during 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 in the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of 8X8 by 1,620.9% in the 4th quarter. Meeder Asset Management Inc. now owns 10,360 shares of the company’s stock worth $45,000 after buying an additional 9,758 shares during the period. Toroso Investments LLC purchased a new stake in shares of 8X8 in the 1st quarter worth $44,000. XTX Topco Ltd bought a new position in shares of 8X8 during the 1st quarter worth $138,000. Finally, Verition Fund Management LLC purchased a new position in shares of 8X8 during the second quarter valued at $58,000. 93.99% of the stock is currently owned by institutional investors.

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.