8X8 (NASDAQ:EGHT) Receives "Sell (D-)" Rating from Weiss Ratings

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

Several other equities research analysts also recently weighed in on the company. Mizuho cut their price target on 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a report on Tuesday, April 15th. Rosenblatt Securities restated a "buy" rating and set a $2.70 price target on shares of 8X8 in a report on Tuesday, May 20th. B. Riley restated a "buy" rating and set a $3.00 price target (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Morgan Stanley cut their price target on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. Finally, Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.51.

8X8 Stock Performance

NASDAQ EGHT opened at $1.86 on Friday. The stock's fifty day moving average is $1.76 and its two-hundred day moving average is $2.23. The firm has a market capitalization of $250.13 million, a P/E ratio of -8.86 and a beta of 1.79. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.20 and a current ratio of 1.20. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

Insider Activity at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total transaction of $368,000.00. Following the completion of the sale, the insider now directly owns 13,885,649 shares of the company's stock, valued at approximately $25,549,594.16. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 312,470 shares of company stock valued at $569,620 in the last three months. 2.01% of the stock is currently owned by company insiders.

Institutional Trading of 8X8

Hedge funds have recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management lifted its position in 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after acquiring an additional 3,876 shares during the period. Captrust Financial Advisors acquired a new stake in 8X8 during the 4th quarter worth approximately $30,000. Cibc World Markets Corp acquired a new stake in 8X8 during the 4th quarter worth approximately $32,000. O Shaughnessy Asset Management LLC acquired a new stake in 8X8 during the 4th quarter worth approximately $34,000. Finally, National Bank of Canada FI acquired a new stake in 8X8 during the 1st quarter worth approximately $26,000. 93.99% of the stock is owned by institutional investors and hedge funds.

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.

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