Weiss Ratings Reaffirms "Sell (D-)" Rating for 8X8 (NASDAQ:EGHT)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D-)" rating for 8X8 (NASDAQ: EGHT), indicating a negative outlook for the stock.
• Various analysts have differing opinions on 8X8, with Rosenblatt Securities assigning a "buy" rating and a $2.50 price target, while Morgan Stanley set a lower target at $1.90.
• 8X8's stock has shown volatility, with a 52-week low of $1.52 and a high of $3.52, currently trading at $2.13.

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

A number of other analysts have also commented on EGHT. Rosenblatt Securities reissued a "buy" rating and issued a $2.50 price objective on shares of 8X8 in a research report on Thursday, August 21st. Morgan Stanley set a $1.90 price target on shares of 8X8 in a research note on Friday, August 29th. Finally, Wall Street Zen upgraded shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, 8X8 currently has a consensus rating of "Hold" and a consensus price target of $2.49.

8X8 Trading Up 1.4%

NASDAQ EGHT opened at $2.13 on Friday. 8X8 has a 52 week low of $1.52 and a 52 week high of $3.52. The company has a debt-to-equity ratio of 2.56, a quick ratio of 1.18 and a current ratio of 1.18. The stock's 50 day moving average price is $1.97 and its two-hundred day moving average price is $1.91. The stock has a market capitalization of $290.47 million, a price-to-earnings ratio of -13.31, a PEG ratio of 2.29 and a beta of 1.86.

Insider Transactions at 8X8

In other 8X8 news, Director Elizabeth Harriet Theophille sold 24,271 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $2.05, for a total value of $49,755.55. Following the completion of the sale, the director owned 187,293 shares in the company, valued at $383,950.65. This trade represents a 11.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.01% of the company's stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors and hedge funds have recently modified their holdings of EGHT. Captrust Financial Advisors bought a new position in 8X8 during the fourth quarter worth about $30,000. Nisa Investment Advisors LLC raised its stake in 8X8 by 359.7% in the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company's stock valued at $26,000 after buying an additional 10,205 shares during the period. National Bank of Canada FI acquired a new stake in shares of 8X8 in the first quarter valued at approximately $26,000. Diversified Trust Co bought a new position in shares of 8X8 during the 2nd quarter worth approximately $28,000. Finally, Algert Global LLC bought a new position in shares of 8X8 during the 1st quarter worth approximately $29,000. 93.99% of the stock is owned by 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.

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