8X8’s (EGHT) Sell (D-) Rating Reiterated at Weiss Ratings

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

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Morgan Stanley upped their target price on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Needham & Company LLC lifted their price target on 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Rosenblatt Securities cut their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday, February 3rd. Finally, Barclays increased their price objective on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.99.

8X8 Stock Up 3.7 %

NASDAQ:EGHT opened at $2.24 on Friday. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.52. The stock has a 50-day moving average price of $2.62 and a two-hundred day moving average price of $2.52. The stock has a market cap of $294.99 million, a price-to-earnings ratio of -6.22, a PEG 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 released its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate 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 analysts expect that 8X8 will post 0.04 earnings per share for the current year.

Insider Activity at 8X8

In other news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 233,791 shares of the company’s stock, valued at approximately $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the completion of the sale, the insider now directly owns 14,289,476 shares of the company’s stock, valued at $31,865,531.48. This represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 162,000 shares of company stock worth $364,790. Insiders own 1.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. B. Riley Financial Inc. bought a new position in shares of 8X8 in the 3rd quarter valued at $1,997,000. Arrowstreet Capital Limited Partnership bought a new position in 8X8 in the fourth quarter valued at about $2,126,000. Invenomic Capital Management LP lifted its holdings in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after acquiring an additional 524,580 shares during the last quarter. Renaissance Technologies LLC boosted its stake 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 purchasing an additional 404,077 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its stake 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 purchasing an additional 343,400 shares in 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.