8X8 (NASDAQ:EGHT) Given Sell (D-) Rating at Weiss Ratings

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.

Weiss Ratings reiterated their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT - Free Report) in a report published on Saturday, September 13th,Weiss Ratings reports.

EGHT has been the topic of a number of other research reports. Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Morgan Stanley set a $1.90 target price on 8X8 in a research note on Friday, August 29th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $2.50 target price on shares of 8X8 in a research note on Thursday, August 21st. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $2.49.

8X8 Stock Performance

Shares of EGHT traded down $0.09 during mid-day trading on Friday, reaching $2.12. The company had a trading volume of 1,146,499 shares, compared to its average volume of 593,853. 8X8 has a 52-week low of $1.52 and a 52-week high of $3.52. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. The stock has a market capitalization of $289.10 million, a P/E ratio of -13.25, a PEG ratio of 2.41 and a beta of 1.87. The stock has a 50 day moving average of $1.97 and a two-hundred day moving average of $1.91.

Insiders Place Their Bets

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

Hedge Funds Weigh In On 8X8

Hedge funds have recently made changes to their positions in the company. Captrust Financial Advisors acquired a new position in shares of 8X8 during the fourth quarter valued at approximately $30,000. Nisa Investment Advisors LLC raised its holdings in shares of 8X8 by 359.7% during the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company's stock valued at $26,000 after acquiring an additional 10,205 shares during the last quarter. National Bank of Canada FI acquired a new position in shares of 8X8 during the first quarter valued at approximately $26,000. Diversified Trust Co acquired a new position in shares of 8X8 during the second quarter valued at approximately $28,000. Finally, Algert Global LLC acquired a new position in shares of 8X8 during the first quarter valued at approximately $29,000. Institutional investors and hedge funds 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.