8X8’s (EGHT) “Sell (D-)” Rating Reiterated at Weiss Ratings

Weiss Ratings reaffirmed their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT) in a research note released on Saturday morning,Weiss Ratings reports.

Several other research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 21st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.70 price target on shares of 8X8 in a report on Tuesday, May 20th. Morgan Stanley decreased their price target on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a report on Wednesday, April 16th. 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 report on Wednesday, February 5th. Finally, Barclays upped their price target 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. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, 8X8 currently has an average rating of “Hold” and an average price target of $2.51.

8X8 Trading Down 4.8%

8X8 stock opened at $1.59 on Friday. The stock has a market cap of $209.39 million, a P/E ratio of -4.42, a PEG ratio of 6.08 and a beta of 1.80. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The firm’s fifty day moving average price is $1.81 and its 200-day moving average price is $2.43. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25.

Insider Activity at 8X8

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total value of $223,000.00. Following the transaction, the insider now owns 14,289,476 shares of the company’s stock, valued at $31,865,531.48. This represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 254,678 shares of company stock valued at $562,412 over the last 90 days. 1.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new position in 8X8 in the first quarter valued at $26,000. Algert Global LLC purchased a new stake in 8X8 during the first quarter valued at about $29,000. Picton Mahoney Asset Management boosted its position in 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after buying an additional 3,876 shares during the period. Captrust Financial Advisors purchased a new stake in 8X8 during the fourth quarter valued at about $30,000. Finally, Cibc World Markets Corp purchased a new stake in 8X8 during the fourth quarter valued at about $32,000. Institutional investors own 93.99% of the company’s stock.

About 8X8

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.