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

Weiss Ratings reissued their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT - Free Report) in a report issued on Thursday,Weiss Ratings reports.

Several other brokerages have also commented on EGHT. B. Riley restated a "buy" rating and issued a $3.00 price objective (down from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Wall Street Zen lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Rosenblatt Securities decreased their price objective on shares of 8X8 from $2.70 to $2.50 and set a "buy" rating for the company in a report on Wednesday, August 6th. Morgan Stanley decreased their price objective on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a report on Wednesday, April 16th. Finally, Wells Fargo & Company decreased their price target 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. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, 8X8 presently has a consensus rating of "Hold" and a consensus target price of $2.49.

8X8 Trading Down 1.8%

NASDAQ EGHT traded down $0.03 during trading on Thursday, hitting $1.87. The company had a trading volume of 157,676 shares, compared to its average volume of 1,154,503. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 2.56. 8X8 has a one year low of $1.52 and a one year high of $3.52. The company has a market cap of $254.47 million, a price-to-earnings ratio of -11.78, a price-to-earnings-growth ratio of 1.97 and a beta of 1.85. The company's fifty day moving average is $1.93 and its 200-day moving average is $2.03.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 200,000 shares of the firm's stock in a transaction that occurred on 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 owned 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 310,470 shares of company stock valued at $566,140 over the last quarter. Company insiders own 2.01% of the company's stock.

Institutional Investors Weigh In On 8X8

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC raised its position in shares of 8X8 by 11.8% during the fourth quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock valued at $73,000 after buying an additional 2,983 shares during the last quarter. Williams & Novak LLC raised its stake in 8X8 by 35.8% during the second quarter. Williams & Novak LLC now owns 32,005 shares of the company's stock valued at $63,000 after purchasing an additional 8,430 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 8X8 by 14.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company's stock worth $195,000 after buying an additional 9,093 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of 8X8 by 12.9% in the 4th quarter. Hsbc Holdings PLC now owns 85,321 shares of the company's stock worth $232,000 after buying an additional 9,723 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of 8X8 by 359.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company's stock worth $26,000 after buying an additional 10,205 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.