8X8's (EGHT) Sell (D-) Rating Reaffirmed at Weiss Ratings

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

Several other analysts have also recently issued reports on the stock. Needham & Company LLC upped their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a "buy" rating in a research report on Wednesday, February 5th. B. Riley restated a "buy" rating and set a $3.00 price objective (down from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Morgan Stanley lowered their price objective on 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Mizuho cut their target price 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, Wells Fargo & Company decreased their price target on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $2.51.

8X8 Price Performance

Shares of 8X8 stock traded down $0.03 during trading on Friday, reaching $1.63. 378,639 shares of the stock traded hands, compared to its average volume of 1,080,083. The business has a fifty day simple moving average of $1.78 and a two-hundred day simple moving average of $2.41. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.52. The company has a market capitalization of $214.00 million, a price-to-earnings ratio of -4.51, a P/E/G ratio of 6.08 and a beta of 1.80. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24.

Insider Buying and Selling at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 101,678 shares of 8X8 stock in a transaction on Monday, March 24th. The stock was sold at an average price of $2.23, for a total transaction of $226,741.94. Following the completion of the sale, the insider now directly owns 14,085,649 shares of the company's stock, valued at $31,410,997.27. The trade was a 0.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 254,678 shares of company stock valued at $562,412 in the last three months. Company insiders own 1.22% of the company's stock.

Hedge Funds Weigh In On 8X8

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC lifted its stake in 8X8 by 39.4% in the fourth quarter. SG Americas Securities LLC now owns 61,050 shares of the company's stock worth $163,000 after acquiring an additional 17,259 shares during the period. Rhumbline Advisers raised its holdings in shares of 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock valued at $442,000 after purchasing an additional 8,100 shares in the last quarter. Ieq Capital LLC purchased a new stake in shares of 8X8 in the 4th quarter worth approximately $85,000. Charles Schwab Investment Management Inc. lifted its position in shares of 8X8 by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company's stock worth $3,788,000 after purchasing an additional 80,042 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of 8X8 during the fourth quarter valued at approximately $144,000. 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.