8X8’s (EGHT) “Sell (D-)” Rating Reaffirmed at Weiss Ratings

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

Several other research firms also recently issued reports on EGHT. Needham & Company LLC raised their price target on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Morgan Stanley upped their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Finally, Barclays raised their price objective on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.99.

8X8 Price Performance

Shares of EGHT opened at $2.24 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The stock has a market cap of $294.99 million, a PE ratio of -6.22, a PEG ratio of 6.08 and a beta of 1.78. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.52. The business has a 50-day simple moving average of $2.62 and a two-hundred day simple moving average of $2.52.

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

Insider Transactions at 8X8

In other news, major shareholder Sylebra Capital Llc sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction 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 trade represents a 0.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction on 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 sale, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. This represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 162,000 shares of company stock valued at $364,790. Corporate insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently made changes to their positions in EGHT. Pallas Capital Advisors LLC acquired a new stake in shares of 8X8 in the 4th quarter valued at about $29,000. Picton Mahoney Asset Management grew its stake in 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 acquiring an additional 3,876 shares during the period. Captrust Financial Advisors acquired a new stake in 8X8 in the fourth quarter valued at approximately $30,000. Cibc World Markets Corp bought a new stake in shares of 8X8 during the fourth quarter valued at approximately $32,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in shares of 8X8 during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds 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.