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

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

EGHT has been the subject of a number of other research reports. Needham & Company LLC upped their price objective on 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Morgan Stanley upped their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Barclays upped their price objective on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Finally, Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Trading Down 0.9 %

Shares of 8X8 stock opened at $2.16 on Friday. The stock has a fifty day simple moving average of $2.63 and a 200 day simple moving average of $2.51. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.52. The company has a market capitalization of $284.46 million, a P/E ratio of -6.00, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) 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%. On average, sell-side analysts anticipate that 8X8 will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction dated 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 owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Laurence Denny sold 10,000 shares of the stock in a transaction dated Tuesday, February 11th. The stock was 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 in the company, valued at $701,373. This trade represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,000 shares of company stock valued at $257,790. Corporate insiders own 1.22% of the company’s stock.

Institutional Trading of 8X8

A number of institutional investors have recently added to or reduced their stakes in EGHT. B. Riley Financial Inc. purchased a new stake in 8X8 during the 3rd quarter worth about $1,997,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of 8X8 in the 4th quarter valued at about $2,126,000. Invenomic Capital Management LP raised its holdings in shares of 8X8 by 10.5% in the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after acquiring an additional 524,580 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of 8X8 by 1,101.0% in the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock valued at $1,177,000 after acquiring an additional 404,077 shares in the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of 8X8 by 39.2% in the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock valued at $3,254,000 after acquiring an additional 343,400 shares in the last quarter. Hedge funds and other 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.