Weiss Ratings Reiterates “Sell (D-)” Rating for 8X8 (NASDAQ:EGHT)

Weiss Ratings restated their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT) in a research report sent to investors on Friday morning,Weiss Ratings reports.

EGHT has been the subject of a number of other reports. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Rosenblatt Securities cut their price objective on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday, February 3rd. Morgan Stanley raised their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Barclays raised their price objective on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Needham & Company LLC raised their price objective on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Three 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Price Performance

Shares of EGHT opened at $2.30 on Friday. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.52. The company has a market capitalization of $302.90 million, a PE ratio of -6.39, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The stock has a fifty day simple moving average of $2.73 and a two-hundred day simple moving average of $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 (NASDAQ:EGHT) last issued its earnings results 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 analysts forecast that 8X8 will post 0.04 EPS for the current year.

Insider Buying and Selling at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the transaction, the insider now directly owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 12,980 shares of company stock valued at $38,817 in the last three months. 1.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 8X8

Several institutional investors have recently bought and sold shares of the company. Cerity Partners LLC grew its position in 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock valued at $73,000 after acquiring an additional 2,983 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after buying an additional 3,876 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of 8X8 by 0.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after buying an additional 4,145 shares during the period. Creative Planning boosted its stake in shares of 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock valued at $78,000 after buying an additional 5,453 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock valued at $442,000 after buying an additional 8,100 shares during the period. 93.99% of the stock is 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.