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

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

A number of other research firms have also recently weighed in on EGHT. Mizuho dropped their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a report on Tuesday, April 15th. Wells Fargo & Company dropped their price objective on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Tuesday, April 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.70 price objective on shares of 8X8 in a report on Tuesday, May 20th. B. Riley reaffirmed a “buy” rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Finally, Wall Street Zen cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 29th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.51.

8X8 Stock Down 2.7%

Shares of NASDAQ:EGHT opened at $1.81 on Wednesday. The stock has a market capitalization of $243.41 million, a price-to-earnings ratio of -5.03, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52. The company’s fifty day moving average is $1.73 and its two-hundred day moving average is $2.34. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25.

Insider Activity at 8X8

In other news, major shareholder Sylebra Capital Llc sold 50,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $30,360,879.78. This trade represents a 0.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 254,678 shares of company stock worth $562,412 in the last 90 days. Corporate insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On 8X8

Several large investors have recently made changes to their positions in EGHT. Segall Bryant & Hamill LLC bought a new position in shares of 8X8 during the 1st quarter valued at about $2,910,000. Acadian Asset Management LLC boosted its position in shares of 8X8 by 60.7% during the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company’s stock valued at $5,201,000 after purchasing an additional 982,342 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of 8X8 during the 4th quarter valued at about $2,126,000. Jacobs Levy Equity Management Inc. bought a new position in shares of 8X8 during the 1st quarter valued at about $863,000. Finally, Renaissance Technologies LLC boosted 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 purchasing an additional 404,077 shares in the last quarter. Institutional investors 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.