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A number of other brokerages also recently issued reports on EGHT. Mizuho downgraded shares of 8X8 from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. StockNews.com downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 5th. Barclays boosted their price target on shares of 8X8 from $2.50 to $3.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Rosenblatt Securities dropped their price target on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating on the stock in a research report on Monday, February 3rd. Finally, Morgan Stanley lifted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the company an "underweight" rating in a research note on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, 8X8 has an average rating of "Hold" and an average price target of $2.99.
Read Our Latest Stock Analysis on EGHT
NASDAQ:EGHT opened at $2.16 on Friday. The firm's 50 day simple moving average is $2.63 and its 200 day simple moving average is $2.51. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. 8X8 has a one year low of $1.51 and a one year high of $3.52. The company has a market cap of $284.46 million, a PE ratio of -6.00, a P/E/G ratio of 6.08 and a beta of 1.78.
8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, research analysts anticipate that 8X8 will post 0.04 earnings per share for the current year.
In other 8X8 news, insider Laurence Denny sold 10,000 shares of the business's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the sale, the insider now owns 233,791 shares in the company, valued at approximately $701,373. The trade was a 4.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of the business's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the sale, the insider now owns 14,289,476 shares of the company's stock, valued at $31,865,531.48. This trade represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,000 shares of company stock worth $257,790. 1.22% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. Pallas Capital Advisors LLC bought a new stake in shares of 8X8 in the 4th quarter worth $29,000. Picton Mahoney Asset Management grew its stake in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after acquiring an additional 3,876 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of 8X8 in the 4th quarter worth $30,000. Cibc World Markets Corp bought a new stake in shares of 8X8 in the 4th quarter worth $32,000. Finally, O Shaughnessy Asset Management LLC bought a new stake in shares of 8X8 in the 4th quarter worth $34,000. Institutional investors own 93.99% of the company's stock.
8x8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.
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