8X8 (NASDAQ:EGHT) Given “Sell (D-)” Rating at Weiss Ratings

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

EGHT has been the subject of a number of other reports. Barclays lifted their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Needham & Company LLC lifted their target price on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, February 5th. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Morgan Stanley lifted their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Finally, Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $2.75 to $2.50 in a report on Friday, December 13th. 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. Based on data from MarketBeat, 8X8 has an average rating of “Hold” and an average target price of $2.99.

8X8 Price Performance

Shares of EGHT opened at $2.16 on Friday. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.52. 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 $284.46 million, a price-to-earnings ratio of -6.00, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The business has a 50-day moving average of $2.63 and a 200-day moving average of $2.51.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts anticipate that 8X8 will post 0.04 earnings per share for the current year.

Insider Buying and Selling at 8X8

In related news, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the transaction, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the transaction, the insider now directly owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. The trade was a 0.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,000 shares of company stock valued at $257,790. Company insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 during the fourth quarter valued at approximately $29,000. Picton Mahoney Asset Management lifted 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 acquiring an additional 3,876 shares during the period. Captrust Financial Advisors bought a new stake in 8X8 during the fourth quarter worth $30,000. Cibc World Markets Corp bought a new stake in 8X8 during the fourth quarter worth $32,000. Finally, O Shaughnessy Asset Management LLC bought a new stake in 8X8 during the fourth quarter worth $34,000. 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.