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

8X8 (NASDAQ:EGHT) had its target price reduced by equities research analysts at Rosenblatt Securities from $3.50 to $2.75 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ price target suggests a potential upside of 4.96% from the company’s current price.

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

8X8 Stock Down 4.0%

EGHT opened at $2.62 on Thursday. The company has a market cap of $365.02 million, a PE ratio of -130.93, a price-to-earnings-growth ratio of 2.75 and a beta of 1.80. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.12 and a current ratio of 1.13. 8X8 has a 1 year low of $1.52 and a 1 year high of $3.52. The firm has a 50 day moving average price of $1.95 and a 200 day moving average price of $1.96.

Insiders Place Their Bets

In other 8X8 news, insider Hunter Middleton sold 85,044 shares of the 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 completion of the transaction, the insider directly owned 652,943 shares of the company’s stock, valued at approximately $1,632,357.50. This trade represents a 11.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.01% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its holdings in 8X8 by 359.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock valued at $26,000 after acquiring an additional 10,205 shares during the last quarter. Prelude Capital Management LLC bought a new stake in shares of 8X8 in the 3rd quarter worth approximately $26,000. CIBC Bancorp USA Inc. acquired a new stake in 8X8 during the third quarter valued at approximately $30,000. Schonfeld Strategic Advisors LLC bought a new stake in 8X8 during the third quarter worth approximately $31,000. Finally, R Squared Ltd bought a new stake in 8X8 during the second quarter worth approximately $34,000. 93.99% of the stock is owned by institutional investors and hedge funds.

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.