8X8 (NASDAQ:EGHT) Earns "Sell (D-)" Rating from Weiss Ratings

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

Other research analysts have also issued research reports about the company. Morgan Stanley reduced their price objective on 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. Rosenblatt Securities restated a "buy" rating and set a $2.70 price target on shares of 8X8 in a report on Tuesday, May 20th. Mizuho dropped their price target on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 15th. Wall Street Zen downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 29th. Finally, Wells Fargo & Company decreased their target price on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, 8X8 has a consensus rating of "Hold" and an average target price of $2.51.

8X8 Stock Performance

Shares of 8X8 stock remained flat at $1.81 during trading on Wednesday. 1,902,938 shares of the company traded hands, compared to its average volume of 1,109,160. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52. The firm has a market capitalization of $243.41 million, a P/E ratio of -5.03, a PEG ratio of 6.08 and a beta of 1.79. The business's 50 day moving average price is $1.73 and its two-hundred day moving average price is $2.34. 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 related news, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction on 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders sold 254,678 shares of company stock worth $562,412. Insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Picton Mahoney Asset Management lifted its stake in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after purchasing an additional 3,876 shares during the period. Captrust Financial Advisors purchased a new stake in 8X8 during the fourth quarter valued at approximately $30,000. Cibc World Markets Corp bought a new position in 8X8 in the fourth quarter worth approximately $32,000. O Shaughnessy Asset Management LLC purchased a new position in shares of 8X8 during the 4th quarter worth $34,000. Finally, National Bank of Canada FI bought a new stake in shares of 8X8 during the 1st quarter valued at $26,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

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.