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

8X8 (NASDAQ:EGHTGet Free Report) had its price target reduced by analysts at Mizuho from $2.50 to $2.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Mizuho’s target price indicates a potential upside of 26.58% from the company’s current price.

A number of other research analysts have also weighed in on the company. Morgan Stanley upped their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Needham & Company LLC upped their price target on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Rosenblatt Securities reduced their price objective on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research note on Monday, February 3rd. Barclays boosted their price objective on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a report on Tuesday, April 8th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus target price of $2.81.

Get Our Latest Stock Analysis on EGHT

8X8 Stock Down 3.7 %

Shares of 8X8 stock opened at $1.58 on Tuesday. 8X8 has a one year low of $1.51 and a one year high of $3.52. The company has a market cap of $208.08 million, a P/E ratio of -4.39, a PEG ratio of 6.08 and a beta of 1.81. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The firm has a fifty day moving average of $2.28 and a two-hundred day moving average of $2.50.

8X8 (NASDAQ:EGHTGet Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate 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, analysts forecast that 8X8 will post 0.04 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00. Following the sale, the insider now owns 14,187,327 shares of the company’s stock, valued at $30,360,879.78. This trade represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,678 shares of company stock worth $590,602 in the last ninety days. Insiders own 1.22% of the company’s stock.

Institutional Investors Weigh In On 8X8

Hedge funds have recently modified their holdings of the company. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 during the fourth quarter valued at approximately $29,000. Picton Mahoney Asset Management raised its holdings in 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after acquiring an additional 3,876 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of 8X8 during the 4th quarter worth $30,000. Cibc World Markets Corp acquired a new stake in shares of 8X8 during the fourth quarter worth $32,000. Finally, O Shaughnessy Asset Management LLC purchased a new stake in shares of 8X8 in the fourth quarter valued at $34,000. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

(Get Free Report)

8×8, 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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