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

Key Points

• Weiss Ratings has reiterated a "Sell (D-)" rating for 8X8 (NASDAQ: EGHT), indicating ongoing concerns about the company's performance.
• Other analysts have mixed views, with Rosenblatt Securities giving a "buy" rating and setting a price target of $2.50, while Wall Street Zen upgraded its rating to "strong-buy."
• Insider trading activity was noted, with Director Elizabeth Harriet Theophille selling 24,271 shares, reflecting an 11.47% reduction in their holdings.

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

Other analysts have also recently issued research reports about the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $2.50 price target on shares of 8X8 in a research note on Thursday, August 21st. Wall Street Zen upgraded shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Finally, Morgan Stanley set a $1.90 price target on shares of 8X8 in a research note on Friday, August 29th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, 8X8 has an average rating of "Reduce" and an average price target of $2.49.

8X8 Price Performance

Shares of EGHT traded up $0.08 during trading hours on Friday, reaching $1.97. 140,380 shares of the stock traded hands, compared to its average volume of 1,029,276. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 2.56. 8X8 has a 52-week low of $1.52 and a 52-week high of $3.52. The company's 50-day moving average price is $2.01 and its two-hundred day moving average price is $1.89. The company has a market cap of $267.97 million, a P/E ratio of -12.28, a price-to-earnings-growth ratio of 2.21 and a beta of 1.89.

Insider Activity

In other news, Director Elizabeth Harriet Theophille sold 24,271 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $2.05, for a total transaction of $49,755.55. Following the sale, the director directly owned 187,293 shares in the company, valued at approximately $383,950.65. This represents a 11.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.01% of the company's stock.

Hedge Funds Weigh In On 8X8

Several hedge funds have recently added to or reduced their stakes in the company. Williams & Novak LLC grew its holdings in 8X8 by 35.8% during the 2nd quarter. Williams & Novak LLC now owns 32,005 shares of the company's stock valued at $63,000 after purchasing an additional 8,430 shares during the last quarter. Merit Financial Group LLC grew its holdings in 8X8 by 72.2% during the 3rd quarter. Merit Financial Group LLC now owns 21,639 shares of the company's stock valued at $46,000 after purchasing an additional 9,073 shares during the last quarter. Cerity Partners LLC grew its holdings in 8X8 by 34.8% during the 1st quarter. Cerity Partners LLC now owns 38,068 shares of the company's stock valued at $76,000 after purchasing an additional 9,829 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in 8X8 by 359.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company's stock valued at $26,000 after purchasing an additional 10,205 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in 8X8 by 46.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,880 shares of the company's stock valued at $75,000 after purchasing an additional 11,022 shares during the last quarter. 93.99% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.