8X8 (NASDAQ:EGHT) Given Sell (D-) Rating at Weiss Ratings

8X8 (NASDAQ:EGHT - Get Free Report)'s stock had its "sell (d-)" rating restated by analysts at Weiss Ratings in a report issued on Friday,Weiss Ratings reports.

A number of other research firms have also recently commented on EGHT. Wells Fargo & Company cut their price target on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley reduced their target price on 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a report on Wednesday, April 16th. Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. Mizuho dropped their price objective on 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research report on Tuesday, April 15th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $2.70 price objective on shares of 8X8 in a report on Tuesday, May 20th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, 8X8 currently has a consensus rating of "Hold" and an average target price of $2.51.

8X8 Stock Up 4.1%

NASDAQ:EGHT traded up $0.08 during trading hours on Friday, reaching $2.04. 1,103,960 shares of the company traded hands, compared to its average volume of 1,096,497. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.77. The business's 50-day moving average price is $1.78 and its two-hundred day moving average price is $2.21. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.52. The stock has a market capitalization of $274.34 million, a P/E ratio of -9.71 and a beta of 1.83.

Insider Buying and Selling

In other 8X8 news, major shareholder Sylebra Capital Llc sold 103,826 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $1.79, for a total value of $185,848.54. Following the transaction, the insider directly owned 13,781,823 shares of the company's stock, valued at approximately $24,669,463.17. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 312,470 shares of company stock worth $569,620 in the last three months. 2.01% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently made changes to their positions in the business. Voya Investment Management LLC grew its position in 8X8 by 14.5% during the first quarter. Voya Investment Management LLC now owns 1,009,384 shares of the company's stock valued at $2,019,000 after buying an additional 127,804 shares during the period. Rhumbline Advisers grew its position in shares of 8X8 by 11.0% during the 1st quarter. Rhumbline Advisers now owns 183,594 shares of the company's stock valued at $367,000 after acquiring an additional 18,214 shares during the period. Acadian Asset Management LLC increased its stake in shares of 8X8 by 60.7% in the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company's stock worth $5,201,000 after purchasing an additional 982,342 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its stake in shares of 8X8 by 505.2% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company's stock worth $158,000 after purchasing an additional 66,070 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in 8X8 in the 1st quarter worth $863,000. Institutional investors own 93.99% of the company's stock.

8X8 Company Profile

8x8, 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.