8X8 (NASDAQ:EGHT) Given New $3.00 Price Target at Morgan Stanley

8X8 (NASDAQ:EGHT) had its price objective trimmed by Morgan Stanley from $3.80 to $3.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC restated a buy rating and set a $5.00 price target on shares of 8X8 in a report on Thursday, February 1st. Rosenblatt Securities restated a buy rating and issued a $4.00 price target on shares of 8X8 in a report on Monday, March 18th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $3.68.

8X8 Stock Down 2.6 %

Shares of NASDAQ:EGHT opened at $2.23 on Wednesday. 8X8 has a 1 year low of $2.15 and a 1 year high of $4.88. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. The business’s 50-day moving average is $2.66 and its 200-day moving average is $2.95. The company has a market capitalization of $275.23 million, a price-to-earnings ratio of -5.07 and a beta of 1.46.

Insider Buying and Selling at 8X8

In other news, CEO Samuel C. Wilson sold 13,740 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the completion of the sale, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 32,289 shares of company stock valued at $81,979. Corporate insiders own 1.08% of the company’s stock.

Institutional Trading of 8X8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its holdings in 8X8 by 4.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 45,598 shares of the company’s stock worth $197,000 after buying an additional 1,881 shares in the last quarter. First Trust Advisors LP boosted its holdings in 8X8 by 10.4% in the 1st quarter. First Trust Advisors LP now owns 24,019 shares of the company’s stock worth $302,000 after buying an additional 2,268 shares during the period. Prudential Financial Inc. lifted its position in shares of 8X8 by 2.2% during the first quarter. Prudential Financial Inc. now owns 123,113 shares of the company’s stock worth $1,550,000 after acquiring an additional 2,630 shares in the last quarter. Captrust Financial Advisors lifted its holdings in 8X8 by 832.8% during the 1st quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock worth $38,000 after purchasing an additional 2,665 shares in the last quarter. Finally, Balyasny Asset Management LLC boosted its stake in 8X8 by 14.2% in the 3rd quarter. Balyasny Asset Management LLC now owns 23,215 shares of the company’s stock worth $80,000 after purchasing an additional 2,889 shares during the period. 93.99% of the stock is owned by institutional investors.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.