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

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating reiterated by Weiss Ratings in a research note issued on Saturday,Weiss Ratings reports.

EGHT has been the topic of several other reports. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Barclays raised their price target on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Rosenblatt Securities reduced their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Needham & Company LLC lifted their price objective on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Finally, Morgan Stanley lifted their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.99.

8X8 Price Performance

Shares of 8X8 stock opened at $2.16 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The firm has a market capitalization of $284.46 million, a PE ratio of -6.00, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The business’s 50-day moving average price is $2.63 and its 200-day moving average price is $2.51. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, beating 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%. Sell-side analysts forecast that 8X8 will post 0.04 EPS for the current fiscal year.

Insider Activity

In other 8X8 news, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total transaction of $223,000.00. Following the completion of the transaction, the insider now owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. The trade was a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $30,000.00. Following the transaction, the insider now 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. Insiders sold a total of 112,000 shares of company stock worth $257,790 in the last quarter. 1.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EGHT. Victory Capital Management Inc. raised its stake in 8X8 by 138.2% during the third quarter. Victory Capital Management Inc. now owns 76,273 shares of the company’s stock valued at $156,000 after buying an additional 44,255 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in 8X8 by 0.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after buying an additional 4,145 shares during the last quarter. Intech Investment Management LLC purchased a new position in 8X8 during the third quarter valued at $49,000. Charles Schwab Investment Management Inc. raised its stake in 8X8 by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after buying an additional 23,731 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of 8X8 in the third quarter worth $108,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.