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

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating reaffirmed by investment analysts at Weiss Ratings in a research report issued on Tuesday,Weiss Ratings reports.

Other analysts have also recently issued reports about the stock. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Barclays increased 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. Morgan Stanley lifted their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities decreased their target price on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday, February 3rd. Finally, Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, 8X8 presently has an average rating of “Hold” and an average target price of $2.99.

8X8 Trading Down 7.2 %

EGHT stock opened at $1.67 on Tuesday. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52. 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 business’s 50 day moving average is $2.44 and its 200-day moving average is $2.52. The firm has a market cap of $219.93 million, a P/E ratio of -4.64, a P/E/G ratio of 6.08 and a beta of 1.81.

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

Insider Buying and Selling

In other news, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction that occurred 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 in the company, valued at $701,373. The trade was a 4.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This trade represents a 0.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 263,678 shares of company stock worth $591,532 over the last three months. 1.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in EGHT. Pallas Capital Advisors LLC bought a new stake in 8X8 in the fourth quarter valued at about $29,000. Picton Mahoney Asset Management increased its stake in shares of 8X8 by 53.6% in the 4th 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 last quarter. Captrust Financial Advisors acquired a new stake in shares of 8X8 in the 4th quarter valued at approximately $30,000. Cibc World Markets Corp bought a new position in 8X8 during the 4th quarter worth approximately $32,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in 8X8 during the fourth quarter valued at 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.