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 equities research analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other analysts also recently commented on the company. Wall Street Zen downgraded 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 29th. Rosenblatt Securities reissued a "buy" rating and set a $2.70 price objective on shares of 8X8 in a report on Tuesday, May 20th. B. Riley reaffirmed a "buy" rating and issued a $3.00 price target (down 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 for the company in a report on Wednesday, April 16th. Finally, Wells Fargo & Company cut their price target on 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, 8X8 presently has a consensus rating of "Hold" and a consensus target price of $2.51.

8X8 Stock Down 3.9%

EGHT stock traded down $0.07 during trading on Wednesday, reaching $1.74. 1,223,344 shares of the stock were exchanged, compared to its average volume of 1,107,668. The firm's 50 day moving average is $1.73 and its 200 day moving average is $2.31. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The firm has a market cap of $233.99 million, a P/E ratio of -4.83, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79.

Insider Buying and Selling at 8X8

In other news, major shareholder Sylebra Capital Llc sold 100,000 shares of the business's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the completion of the sale, the insider now owns 14,289,476 shares of the company's stock, valued at $31,865,531.48. The trade was a 0.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders sold 558,504 shares of company stock worth $1,116,260. Insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its holdings in shares of 8X8 by 11.0% in the 1st quarter. Rhumbline Advisers now owns 183,594 shares of the company's stock valued at $367,000 after acquiring an additional 18,214 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of 8X8 by 60.7% in the 1st 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 during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of 8X8 by 505.2% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company's stock valued at $158,000 after acquiring an additional 66,070 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of 8X8 in the 1st quarter valued at about $863,000. Finally, Algert Global LLC bought a new position in shares of 8X8 in the 1st quarter valued at about $29,000. Institutional investors own 93.99% of the company's stock.

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.