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

Key Points

• 8X8 has been rated "sell (D-)" by Weiss Ratings, reflecting concerns about the company's performance.
• Multiple analysts have adjusted their price targets and ratings for 8X8, with prices ranging from $1.50 to $3.00 and a majority assigning a hold rating.
• Insider activity shows a 1.42% decrease in major shareholder Sylebra Capital's stock ownership after selling 200,000 shares for $368,000.

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

EGHT has been the subject of several other reports. Rosenblatt Securities reduced their price target on 8X8 from $2.70 to $2.50 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wells Fargo & Company cut their price objective on 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. B. Riley restated a "buy" rating and set a $3.00 target price (down from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Wall Street Zen cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Morgan Stanley lowered their price objective on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.49.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $1.85 on Thursday. The company has a debt-to-equity ratio of 2.56, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50-day moving average of $1.93 and a 200-day moving average of $2.06. The stock has a market capitalization of $252.28 million, a price-to-earnings ratio of -11.56, a PEG ratio of 2.09 and a beta of 1.85. 8X8 has a fifty-two week low of $1.52 and a fifty-two week high of $3.52.

Insider Activity at 8X8

In other news, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total value of $368,000.00. Following the transaction, the insider directly owned 13,885,649 shares of the company's stock, valued at $25,549,594.16. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 310,470 shares of company stock valued at $566,140 in the last 90 days. 2.01% of the stock is owned by insiders.

Institutional Trading of 8X8

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in 8X8 by 3.1% during the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after acquiring an additional 393,478 shares during the last quarter. Boston Partners increased its stake in shares of 8X8 by 24.0% during the second quarter. Boston Partners now owns 7,957,135 shares of the company's stock worth $15,595,000 after purchasing an additional 1,537,615 shares during the period. Bank of America Corp DE lifted its holdings in 8X8 by 7.0% during the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock worth $10,133,000 after purchasing an additional 249,798 shares during the last quarter. Acadian Asset Management LLC boosted its stake in 8X8 by 29.9% in the 2nd quarter. Acadian Asset Management LLC now owns 3,380,762 shares of the company's stock valued at $6,623,000 after purchasing an additional 779,010 shares during the period. Finally, Geode Capital Management LLC grew its holdings in 8X8 by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,228,294 shares of the company's stock valued at $6,329,000 after buying an additional 84,176 shares in the last quarter. 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.

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