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

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

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company cut their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Tuesday, April 22nd. B. Riley reiterated a “buy” rating and set a $3.00 target price (down from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Morgan Stanley decreased their price target on 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, Rosenblatt Securities decreased their target price on shares of 8X8 from $2.70 to $2.50 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, 8X8 has a consensus rating of “Hold” and a consensus price target of $2.49.

8X8 Stock Performance

Shares of NASDAQ:EGHT opened at $1.85 on Thursday. The company’s 50 day moving average price is $1.93 and its two-hundred day moving average price is $2.06. 8X8 has a 12-month low of $1.52 and a 12-month high of $3.52. The firm has a market cap of $252.28 million, a PE ratio of -11.56, a PEG ratio of 2.09 and a beta of 1.85. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56.

Insider Transactions at 8X8

In other news, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total value of $368,000.00. Following the completion of the transaction, the insider owned 13,885,649 shares of the company’s stock, valued at approximately $25,549,594.16. This represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 310,470 shares of company stock valued at $566,140 in the last quarter. Insiders own 2.01% of the company’s stock.

Hedge Funds Weigh In On 8X8

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in shares of 8X8 by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company’s stock worth $8,077,000 after buying an additional 41,929 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of 8X8 by 45.5% during the 4th quarter. Wells Fargo & Company MN now owns 65,137 shares of the company’s stock valued at $174,000 after acquiring an additional 20,371 shares in the last quarter. Cerity Partners LLC grew its position in 8X8 by 11.8% during the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock worth $73,000 after acquiring an additional 2,983 shares during the last quarter. Renaissance Technologies LLC increased its holdings in 8X8 by 1,101.0% in the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after purchasing an additional 404,077 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in 8X8 in the fourth quarter valued at about $144,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.