Weiss Ratings Reiterates Sell (D-) Rating for 8X8 (NASDAQ:EGHT)

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating reissued by equities research analysts at Weiss Ratings in a research note issued to investors on Saturday,Weiss Ratings reports.

Several other equities research analysts also recently commented on the stock. Barclays upped their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Rosenblatt Securities dropped their price objective on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday, February 3rd. Morgan Stanley upped their price objective on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Finally, Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $2.75 to $2.50 in a report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.99.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.16 on Friday. The company’s 50-day moving average is $2.63 and its 200 day moving average is $2.51. 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 company has a market capitalization of $284.46 million, a P/E ratio of -6.00, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates 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, equities research analysts forecast that 8X8 will post 0.04 earnings per share for the current year.

Insider Activity

In other news, major shareholder Sylebra Capital Llc sold 100,000 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total transaction of $223,000.00. Following the sale, the insider now directly owns 14,289,476 shares in the company, valued at $31,865,531.48. This represents a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The stock was 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 owns 233,791 shares in the company, valued at approximately $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,000 shares of company stock worth $257,790 over the last ninety days. Company insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Pallas Capital Advisors LLC bought a new position in shares of 8X8 in the fourth quarter worth approximately $29,000. Picton Mahoney Asset Management increased its position in shares of 8X8 by 53.6% in the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after purchasing an additional 3,876 shares during the last quarter. Captrust Financial Advisors bought a new position in shares of 8X8 in the fourth quarter worth approximately $30,000. Cibc World Markets Corp bought a new position in shares of 8X8 in the fourth quarter worth approximately $32,000. Finally, O Shaughnessy Asset Management LLC bought a new position in shares of 8X8 in the fourth quarter worth approximately $34,000. 93.99% of the stock is currently owned by institutional investors.

8X8 Company Profile

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.