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

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

EGHT has been the topic of a number of other reports. Barclays increased their price objective 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. Wells Fargo & Company decreased their target price on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Tuesday, April 22nd. Morgan Stanley decreased their target price on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a research report on Wednesday, April 16th. Mizuho decreased their target price on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a research report on Tuesday, April 15th. Finally, Needham & Company LLC increased their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, 8X8 presently has an average rating of “Hold” and a consensus target price of $2.66.

8X8 Price Performance

Shares of EGHT stock opened at $1.85 on Friday. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The company has a market capitalization of $242.98 million, a P/E ratio of -5.12, a P/E/G ratio of 6.08 and a beta of 1.80. The company’s 50-day simple moving average is $1.91 and its two-hundred day simple moving average is $2.48. 8X8 has a one year low of $1.51 and a one year high of $3.52.

Insiders Place Their Bets

In other news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 233,791 shares of the company’s stock, valued at approximately $701,373. The trade was a 4.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Sylebra Capital Llc sold 50,000 shares of 8X8 stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00. Following the completion of the transaction, the insider now owns 14,187,327 shares of the company’s stock, valued at $30,360,879.78. This trade represents a 0.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,678 shares of company stock valued at $590,602 over the last ninety days. Company insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Barclays PLC lifted its position in shares of 8X8 by 198.8% during the 3rd quarter. Barclays PLC now owns 216,123 shares of the company’s stock worth $440,000 after buying an additional 143,791 shares during the last quarter. Pallas Capital Advisors LLC purchased a new stake in shares of 8X8 during the 4th quarter worth approximately $29,000. SG Americas Securities LLC lifted its position in shares of 8X8 by 39.4% during the 4th quarter. SG Americas Securities LLC now owns 61,050 shares of the company’s stock worth $163,000 after buying an additional 17,259 shares during the last quarter. Rhumbline Advisers lifted its position in shares of 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after buying an additional 8,100 shares during the last quarter. Finally, Ieq Capital LLC purchased a new stake in shares of 8X8 during the 4th quarter worth approximately $85,000. 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.