8×8 Inc (NASDAQ:EGHT) Receives Consensus Rating of “Reduce” from Analysts

Shares of 8×8 Inc (NASDAQ:EGHT) have been assigned a consensus rating of “Reduce” from the eight analysts that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $2.4857.

A number of equities analysts have issued reports on the company. Rosenblatt Securities reiterated a “buy” rating and set a $2.50 price target on shares of 8X8 in a research report on Wednesday, November 5th. Wall Street Zen upgraded 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 5th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of 8X8 in a research note on Monday.

8X8 Trading Down 4.1%

Shares of 8X8 stock opened at $1.89 on Monday. The firm has a 50-day simple moving average of $1.98 and a two-hundred day simple moving average of $1.98. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.12 and a current ratio of 1.12. 8X8 has a fifty-two week low of $1.52 and a fifty-two week high of $3.52. The company has a market cap of $262.03 million, a P/E ratio of -47.25, a price-to-earnings-growth ratio of 1.98 and a beta of 1.78.

Institutional Trading of 8X8

A number of institutional investors and hedge funds have recently modified their holdings of EGHT. Vanguard Group Inc. lifted its stake in 8X8 by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company’s stock valued at $29,453,000 after buying an additional 317,196 shares in the last quarter. Boston Partners raised its holdings in shares of 8X8 by 7.9% during the third quarter. Boston Partners now owns 8,582,614 shares of the company’s stock valued at $18,192,000 after acquiring an additional 625,479 shares during the last quarter. Bank of America Corp DE lifted its position in shares of 8X8 by 31.9% in the third quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock valued at $13,217,000 after acquiring an additional 1,506,586 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of 8X8 by 29.9% in the second quarter. Acadian Asset Management LLC now owns 3,380,762 shares of the company’s stock worth $6,623,000 after acquiring an additional 779,010 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of 8X8 by 2.7% during the second quarter. Geode Capital Management LLC now owns 3,228,294 shares of the company’s stock worth $6,329,000 after purchasing an additional 84,176 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.