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

8X8 (NASDAQ:EGHT - Get Free Report)'s stock had its "sell (d-)" rating reiterated by stock analysts at Weiss Ratings in a report issued on Saturday, May 24th,Weiss Ratings reports.

Several other research analysts have also commented on the stock. Needham & Company LLC lifted their price objective on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Rosenblatt Securities reaffirmed a "buy" rating and set a $2.70 price objective on shares of 8X8 in a research note on Tuesday, May 20th. Wall Street Zen lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, May 21st. Wells Fargo & Company dropped their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Mizuho dropped their price objective on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research note on Tuesday, April 15th. Three investment 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. According to MarketBeat.com, 8X8 currently has an average rating of "Hold" and a consensus price target of $2.51.

8X8 Trading Down 1.5%

NASDAQ EGHT traded down $0.03 on Friday, hitting $1.63. 728,394 shares of the stock were exchanged, compared to its average volume of 1,082,290. 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 stock has a fifty day moving average price of $1.77 and a two-hundred day moving average price of $2.39. The firm has a market capitalization of $218.53 million, a P/E ratio of -4.51, a P/E/G ratio of 6.08 and a beta of 1.80. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.52.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total value of $223,000.00. Following the completion of the sale, the insider now directly owns 14,289,476 shares in the company, valued at $31,865,531.48. The trade was a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 254,678 shares of company stock valued at $562,412. 1.22% of the stock is currently owned by company insiders.

Institutional Trading of 8X8

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of 8X8 by 3.1% in the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock valued at $26,019,000 after acquiring an additional 393,478 shares in the last quarter. Boston Partners raised its holdings in shares of 8X8 by 3.9% in the fourth quarter. Boston Partners now owns 6,644,856 shares of the company's stock valued at $17,742,000 after acquiring an additional 252,083 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of 8X8 by 7.0% in the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock valued at $10,133,000 after acquiring an additional 249,798 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of 8X8 by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company's stock valued at $8,077,000 after acquiring an additional 41,929 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of 8X8 by 60.7% in the first quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company's stock valued at $5,201,000 after acquiring an additional 982,342 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors.

About 8X8

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.