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

Weiss Ratings reissued their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT - Free Report) in a research note published on Saturday,Weiss Ratings reports.

Several other analysts have also issued reports on the stock. Wells Fargo & Company lowered their price target on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. Rosenblatt Securities decreased their price target on 8X8 from $3.30 to $2.70 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Mizuho reduced their price objective on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley lowered their target price on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. Finally, StockNews.com lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.66.

8X8 Stock Performance

Shares of EGHT traded up $0.10 during mid-day trading on Friday, hitting $1.95. The stock had a trading volume of 1,098,219 shares, compared to its average volume of 1,035,341. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The business has a fifty day moving average price of $1.91 and a 200-day moving average price of $2.48. The firm has a market cap of $256.80 million, a P/E ratio of -5.42, a PEG ratio of 6.08 and a beta of 1.80.

Insider Activity at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 100,000 shares of the company's stock in a transaction that occurred 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. This represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares in the company, valued at $701,373. This trade represents a 4.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 263,678 shares of company stock valued at $590,602 over the last 90 days. 1.22% of the stock is owned by insiders.

Institutional Investors Weigh In On 8X8

Institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership bought a new stake in 8X8 in the fourth quarter worth $2,126,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 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 buying an additional 118,686 shares during the period. Barclays PLC lifted its stake in shares of 8X8 by 198.8% in the 3rd quarter. Barclays PLC now owns 216,123 shares of the company's stock valued at $440,000 after acquiring an additional 143,791 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company's stock valued at $1,177,000 after acquiring an additional 404,077 shares during the period. Finally, Boston Partners grew its position in 8X8 by 3.9% during the 4th quarter. Boston Partners now owns 6,644,856 shares of the company's stock worth $17,742,000 after acquiring an additional 252,083 shares during the last quarter. Hedge funds and other institutional investors 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.