8X8 (NASDAQ:EGHT) Receives Sell (D-) Rating from Weiss Ratings

Weiss Ratings reaffirmed their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT) in a research report report published on Thursday,Weiss Ratings reports.

A number of other research analysts have also recently issued reports on EGHT. Wells Fargo & Company cut their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Tuesday. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Barclays increased their price target on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. 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 report on Tuesday, April 15th. Finally, Rosenblatt Securities decreased their price objective on 8X8 from $3.30 to $2.70 and set a “buy” rating on the stock in a research report on Thursday. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $2.66.

8X8 Price Performance

NASDAQ:EGHT opened at $1.75 on Thursday. The firm has a market cap of $230.46 million, a PE ratio of -4.86, a price-to-earnings-growth ratio of 6.08 and a beta of 1.81. The company’s 50-day moving average price is $2.10 and its two-hundred day moving average price is $2.48. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 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%. On average, equities analysts anticipate that 8X8 will post 0.04 EPS for the current fiscal year.

Insider Transactions 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 shares were 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. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Sylebra Capital Llc sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00. Following the completion of the sale, the insider now directly owns 14,187,327 shares of the company’s stock, valued at $30,360,879.78. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 263,678 shares of company stock worth $590,602. 1.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGHT. Geode Capital Management LLC increased its holdings in shares of 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after acquiring an additional 237,181 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in 8X8 during the 4th quarter worth approximately $2,126,000. Sanctuary Advisors LLC increased its stake in 8X8 by 178.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock worth $192,000 after purchasing an additional 60,316 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in 8X8 by 17.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company’s stock worth $2,131,000 after buying an additional 118,686 shares during the period. Finally, Barclays PLC lifted its stake in 8X8 by 198.8% in the third quarter. Barclays PLC now owns 216,123 shares of the company’s stock valued at $440,000 after buying an additional 143,791 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors.

About 8X8

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.