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

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

EGHT has been the topic of several other research reports. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $2.75 to $2.50 in a report on Friday, December 13th. Barclays raised their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Needham & Company LLC lifted their price target on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Rosenblatt Securities dropped their price objective on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research note on Monday, February 3rd. Finally, StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $2.99.

8X8 Price Performance

NASDAQ:EGHT opened at $2.30 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The stock’s fifty day moving average is $2.73 and its two-hundred day moving average is $2.49. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52. The stock has a market capitalization of $302.90 million, a price-to-earnings ratio of -6.39, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78.

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%. Research analysts anticipate that 8X8 will post 0.04 EPS for the current year.

Insider Transactions at 8X8

In other news, insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 233,791 shares in the company, valued at $701,373. This represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 12,980 shares of company stock worth $38,817 in the last ninety days. Insiders own 1.22% of the company’s stock.

Institutional Trading of 8X8

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Creative Planning boosted its position in 8X8 by 16.6% during the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in 8X8 during the 3rd quarter worth $30,000. Versor Investments LP purchased a new stake in 8X8 during the 3rd quarter worth $136,000. GSA Capital Partners LLP purchased a new stake in 8X8 during the 3rd quarter worth $332,000. Finally, Victory Capital Management Inc. boosted its position in 8X8 by 138.2% during the 3rd quarter. Victory Capital Management Inc. now owns 76,273 shares of the company’s stock worth $156,000 after purchasing an additional 44,255 shares during the period. 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.