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

Weiss Ratings reaffirmed their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT - Free Report) in a report issued on Saturday morning,Weiss Ratings reports.

EGHT has been the subject of a number of other research reports. Mizuho lowered their target price 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. Needham & Company LLC boosted their target price on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. StockNews.com downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 5th. Barclays boosted their target price on shares of 8X8 from $2.50 to $3.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Finally, Wells Fargo & Company lowered their target price on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2.51.

8X8 Stock Down 0.8%

Shares of NASDAQ:EGHT traded down $0.02 during trading on Friday, hitting $1.80. The company's stock had a trading volume of 221,607 shares, compared to its average volume of 1,044,661. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The business has a 50 day moving average price of $1.89 and a two-hundred day moving average price of $2.47. The company has a market capitalization of $236.39 million, a PE ratio of -4.99, a P/E/G ratio of 6.08 and a beta of 1.80. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

Insider Activity

In other news, major shareholder Sylebra Capital Llc sold 100,000 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were 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 directly owns 14,289,476 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Over the last three months, insiders sold 253,678 shares of company stock valued at $560,602. Insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in EGHT. National Bank of Canada FI purchased a new position in 8X8 during the first quarter worth about $26,000. Pallas Capital Advisors LLC acquired a new stake in shares of 8X8 in the fourth quarter valued at approximately $29,000. Algert Global LLC acquired a new stake in shares of 8X8 in the first quarter valued at approximately $29,000. Picton Mahoney Asset Management grew its position in shares of 8X8 by 53.6% in the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after purchasing an additional 3,876 shares during the last quarter. Finally, Captrust Financial Advisors acquired a new stake in 8X8 during the fourth quarter worth approximately $30,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

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.