8X8 (NASDAQ:EGHT) Earns “Sell (D-)” Rating from Weiss Ratings

Weiss Ratings reissued their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT) in a report released on Friday,Weiss Ratings reports.

Several other brokerages have also recently commented on EGHT. Needham & Company LLC increased their price target on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Rosenblatt Securities reduced their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Morgan Stanley increased their price target on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Finally, StockNews.com lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.99.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.30 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 firm has a 50-day moving average of $2.73 and a two-hundred day moving average of $2.49. The stock has a market cap of $302.90 million, a P/E ratio of -6.39, a PEG ratio of 6.08 and a beta of 1.78. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, research analysts expect that 8X8 will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at 8X8

In other news, insider Laurence Denny sold 10,000 shares of the 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 completion of the transaction, the insider now directly owns 233,791 shares in the company, valued at $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 12,980 shares of company stock worth $38,817. 1.22% of the stock is owned by company insiders.

Institutional Trading of 8X8

Large investors have recently added to or reduced their stakes in the business. Pallas Capital Advisors LLC bought a new stake in 8X8 during the fourth quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC bought a new stake in 8X8 during the third quarter worth approximately $30,000. Picton Mahoney Asset Management boosted its holdings in 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after buying an additional 3,876 shares in the last quarter. Captrust Financial Advisors bought a new stake in 8X8 during the fourth quarter worth approximately $30,000. Finally, Cibc World Markets Corp bought a new stake in 8X8 during the fourth quarter worth approximately $32,000. 93.99% of the stock is currently owned by institutional investors.

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.