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

Weiss Ratings reissued their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT) in a research report released on Tuesday,Weiss Ratings reports.

A number of other brokerages have also weighed in on EGHT. Needham & Company LLC upped their price objective on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, February 5th. StockNews.com lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their price target for the company from $2.75 to $2.50 in a report on Friday, December 13th. Barclays boosted their price objective on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Morgan Stanley upped their target price on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. 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 data from MarketBeat.com, 8X8 currently has a consensus rating of “Hold” and a consensus price target of $2.99.

8X8 Stock Down 9.3 %

Shares of 8X8 stock opened at $1.65 on Tuesday. 8X8 has a one year low of $1.51 and a one year high of $3.52. The company has a market cap of $217.30 million, a P/E ratio of -4.58, a PEG ratio of 6.08 and a beta of 1.81. 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 firm has a fifty day moving average of $2.37 and a two-hundred day moving average of $2.51.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, analysts forecast that 8X8 will post 0.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc sold 101,678 shares of 8X8 stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $2.23, for a total transaction of $226,741.94. Following the completion of the sale, the insider now owns 14,085,649 shares in the company, valued at approximately $31,410,997.27. This trade represents a 0.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the transaction, the insider now directly owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 263,678 shares of company stock valued at $591,532. Corporate insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On 8X8

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after purchasing an additional 237,181 shares during the last quarter. BNP Paribas Financial Markets lifted its position in 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after buying an additional 11,287 shares during the period. FMR LLC boosted its stake in 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in 8X8 by 178.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after buying an additional 60,316 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in 8X8 by 17.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company’s stock valued at $2,131,000 after buying an additional 118,686 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

8×8, 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.