Zacks Research Downgrades 8X8 (NASDAQ:EGHT) to Hold

8X8 (NASDAQ:EGHT) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

EGHT has been the topic of a number of other reports. Weiss Ratings restated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Rosenblatt Securities decreased their target price on 8X8 from $3.50 to $2.75 and set a “buy” rating on the stock in a report on Thursday, February 5th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, 8X8 presently has an average rating of “Reduce” and an average target price of $2.23.

8X8 Price Performance

Shares of NASDAQ EGHT traded up $0.07 during mid-day trading on Monday, reaching $1.77. The company had a trading volume of 167,070 shares, compared to its average volume of 1,676,139. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.06. The stock has a market cap of $245.90 million, a PE ratio of -88.21, a P/E/G ratio of 1.32 and a beta of 1.81. The company has a 50-day moving average price of $2.11 and a two-hundred day moving average price of $2.01. 8X8 has a 1-year low of $1.52 and a 1-year high of $2.84.

Insider Buying and Selling at 8X8

In other news, insider Hunter Middleton sold 85,044 shares of 8X8 stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total transaction of $212,610.00. Following the transaction, the insider owned 652,943 shares in the company, valued at approximately $1,632,357.50. The trade was a 11.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.01% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Prelude Capital Management LLC acquired a new stake in shares of 8X8 during the third quarter worth approximately $26,000. CIBC Bancorp USA Inc. acquired a new stake in shares of 8X8 during the third quarter worth approximately $30,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of 8X8 during the third quarter worth approximately $31,000. Abel Hall LLC acquired a new stake in shares of 8X8 during the fourth quarter worth approximately $33,000. Finally, Brighton Jones LLC acquired a new stake in shares of 8X8 during the third quarter worth approximately $34,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

About 8X8

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.