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

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

Several other analysts have also weighed in on EGHT. B. Riley reissued a "buy" rating and set a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Wells Fargo & Company decreased their price objective on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Rosenblatt Securities reissued a "buy" rating and set a $2.70 price objective on shares of 8X8 in a report on Tuesday, May 20th. Wall Street Zen raised 8X8 from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. Finally, Morgan Stanley decreased their price objective on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $2.51.

8X8 Stock Performance

NASDAQ EGHT traded up $0.01 during trading on Friday, hitting $1.96. The company's stock had a trading volume of 645,531 shares, compared to its average volume of 1,088,861. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.77. The firm has a 50 day moving average price of $1.84 and a 200 day moving average price of $2.16. The firm has a market cap of $263.58 million, a P/E ratio of -9.33 and a beta of 1.83. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc sold 103,826 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total value of $185,848.54. Following the sale, the insider owned 13,781,823 shares of the company's stock, valued at $24,669,463.17. The trade was a 0.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 311,470 shares of company stock valued at $567,950. 2.01% of the stock is owned by insiders.

Hedge Funds Weigh In On 8X8

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. Charles Schwab Investment Management Inc. boosted its stake in 8X8 by 6.0% in the fourth 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 in the last quarter. Raymond James Financial Inc. acquired a new position in 8X8 in the fourth quarter worth $144,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in 8X8 by 17.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock worth $2,131,000 after purchasing an additional 118,686 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in 8X8 by 53.6% in the fourth 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 in the last quarter. Finally, Cibc World Markets Corp acquired a new position in 8X8 in the fourth quarter worth $32,000. Institutional investors and hedge funds 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.