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 note issued to investors on Wednesday,Weiss Ratings reports.

A number of other analysts have also recently issued reports on the stock. Morgan Stanley cut their target price on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Mizuho dropped their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a research note 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 for the company in a research note on Tuesday, April 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $2.70 price objective on shares of 8X8 in a research note on Tuesday, May 20th. Finally, Wall Street Zen cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 29th. 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 company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.51.

8X8 Stock Performance

NASDAQ EGHT opened at $1.74 on Wednesday. The firm has a 50-day moving average of $1.73 and a 200-day moving average of $2.32. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The stock has a market cap of $233.99 million, a PE ratio of -4.83, a P/E/G ratio of 6.08 and a beta of 1.79. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.52.

Insider Activity

In other news, major shareholder Sylebra Capital Llc sold 103,826 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $1.79, for a total value of $185,848.54. Following the completion of the transaction, the insider now directly owns 13,781,823 shares in the company, valued at approximately $24,669,463.17. The trade was a 0.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 558,504 shares of company stock worth $1,116,260. 1.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 8X8

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of 8X8 by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company’s stock valued at $26,019,000 after buying an additional 393,478 shares in the last quarter. Boston Partners grew its holdings in shares of 8X8 by 3.9% during the 4th quarter. Boston Partners now owns 6,644,856 shares of the company’s stock valued at $17,742,000 after purchasing an additional 252,083 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of 8X8 by 7.0% during the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company’s stock valued at $10,133,000 after purchasing an additional 249,798 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of 8X8 by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company’s stock valued at $8,077,000 after purchasing an additional 41,929 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings 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 during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.