A good rule of thumb is REBUILD when over 30% fragmented, REORGANIZE when between 10% and 30%.
Don't bother with either for tables less than 1000 pages, you won't notice, and even after running a REBUILD for one that is over 30% it will often be left at 30%.
You should probably be aiming to rebuild/reorganize fairly infrequently, weekly at most for an average database. If you're having to defrag the indexes more often than that then you probably need to re-look at your fill factors and padding.
An exception is after bulk data loading, where it might be common to have fragmented the indexes (sometimes its better to disable the index or to drop the indexes and rebuild or them depending upon the data being loaded).
So in summary, 8 times a day does seem excessive.
References:
http://technet.microsoft.com/en-us/library/ms189858.aspx
http://www.sqlmusings.com/2009/03/15/a-more-effective-selective-index-rebuildreorganize-strategy/
http://realworlddba.wordpress.com/2008/01/27/indexes-to-rebuild-or-reorganize/
http://realworlddba.wordpress.com/2008/01/27/indexes-to-rebuild-or-reorganize/