Rosenblatt Securities Has Lowered Expectations for 8X8 (NASDAQ:EGHT) Stock Price

8X8 (NASDAQ:EGHT) had its price target cut by equities research analysts at Rosenblatt Securities from $3.50 to $2.75 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 12.70% from the company’s previous close.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, 8X8 currently has an average rating of “Reduce” and a consensus price target of $2.23.

8X8 Trading Up 47.0%

Shares of EGHT opened at $2.44 on Thursday. The business’s 50-day moving average price is $1.92 and its 200-day moving average price is $1.95. 8X8 has a twelve month low of $1.52 and a twelve month high of $3.52. The stock has a market cap of $338.28 million, a PE ratio of -121.94, a P/E/G ratio of 1.67 and a beta of 1.80. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.30.

Insider Buying and Selling

In other news, insider Hunter Middleton sold 85,044 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $2.50, for a total transaction of $212,610.00. Following the sale, the insider owned 652,943 shares in the company, valued at approximately $1,632,357.50. This trade represents a 11.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.01% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 8X8

Institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd boosted its holdings in 8X8 by 505.2% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company’s stock valued at $158,000 after acquiring an additional 66,070 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of 8X8 by 46.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,880 shares of the company’s stock worth $75,000 after purchasing an additional 11,022 shares during the last quarter. Williams & Novak LLC raised its holdings in 8X8 by 35.8% during the 2nd quarter. Williams & Novak LLC now owns 32,005 shares of the company’s stock valued at $63,000 after buying an additional 8,430 shares during the last quarter. CWM LLC boosted its position in 8X8 by 33.3% during the 2nd quarter. CWM LLC now owns 49,128 shares of the company’s stock valued at $96,000 after buying an additional 12,274 shares during the period. Finally, R Squared Ltd bought a new stake in 8X8 in the 2nd quarter worth $34,000. 93.99% of the stock is currently owned by institutional investors.

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.