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

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

A number of other analysts have also recently weighed in on the stock. 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 report on Wednesday, February 5th. Barclays raised their target price on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. StockNews.com cut 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Finally, B. Riley reaffirmed a “buy” rating and set a $4.00 target price (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, 8X8 presently has a consensus rating of “Hold” and an average price target of $2.99.

8X8 Stock Performance

Shares of NASDAQ:EGHT opened at $2.67 on Wednesday. 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 company has a market capitalization of $351.62 million, a price-to-earnings ratio of -7.42, a price-to-earnings-growth ratio of 6.38 and a beta of 1.66. The firm has a 50 day moving average of $2.78 and a 200 day moving average of $2.44. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS 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%. On average, sell-side analysts predict that 8X8 will post 0.04 earnings per share for the current fiscal year.

Insider Activity at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction dated Tuesday, February 11th. The stock was 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 owns 233,791 shares in the company, valued at approximately $701,373. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 12,980 shares of company stock worth $38,817 over the last three months. Company insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. B. Riley Financial Inc. purchased a new stake in 8X8 during the third quarter worth $1,997,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of 8X8 in the fourth quarter worth about $2,126,000. Invenomic Capital Management LP boosted its stake in shares of 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after acquiring an additional 524,580 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of 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, Two Sigma Advisers LP grew its position in shares of 8X8 by 39.2% during the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock valued at $3,254,000 after acquiring an additional 343,400 shares during the period. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

About 8X8

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.