8X8 (NASDAQ:EGHT) Shares Down 4% on Analyst Downgrade
by Danessa Lincoln · The Markets Daily8×8 Inc (NASDAQ:EGHT – Get Free Report) shares fell 4% on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $1.6450 and last traded at $1.70. 1,674,144 shares changed hands during mid-day trading, an increase of 74% from the average session volume of 962,278 shares. The stock had previously closed at $1.77.
Other research analysts have also recently issued research reports about the stock. Rosenblatt Securities decreased their price target on shares of 8X8 from $3.50 to $2.75 and set a “buy” rating for the company in a report on Thursday, February 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, 8X8 has an average rating of “Reduce” and an average price target of $2.23.
Check Out Our Latest Research Report on 8X8
Insider Transactions at 8X8
In other 8X8 news, insider Hunter Middleton sold 85,044 shares of the 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 transaction, the insider directly owned 652,943 shares of the company’s stock, valued at $1,632,357.50. This trade represents a 11.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.01% of the stock is currently owned by insiders.
Hedge Funds Weigh In On 8X8
Several hedge funds and other institutional investors have recently modified their holdings of EGHT. Bank of America Corp DE lifted its stake 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 worth $13,217,000 after buying an additional 1,506,586 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of 8X8 by 33.3% in the second quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company’s stock worth $4,932,000 after buying an additional 628,024 shares in the last quarter. Boston Partners lifted its stake in shares of 8X8 by 7.9% in the third quarter. Boston Partners now owns 8,582,614 shares of the company’s stock worth $18,192,000 after buying an additional 625,479 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of 8X8 by 36.0% in the second quarter. AQR Capital Management LLC now owns 2,111,511 shares of the company’s stock worth $4,139,000 after buying an additional 558,562 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of 8X8 by 314.6% in the fourth quarter. Marshall Wace LLP now owns 633,209 shares of the company’s stock worth $1,247,000 after buying an additional 480,477 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.
8X8 Trading Up 4.2%
The company’s 50 day moving average price is $2.11 and its two-hundred day moving average price is $2.01. The company has a debt-to-equity ratio of 2.06, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a market capitalization of $242.42 million, a PE ratio of -86.96, a P/E/G ratio of 1.27 and a beta of 1.81.
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.