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

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating reissued by research analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

EGHT has been the subject of a number of other research reports. Barclays lifted their price target on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Rosenblatt Securities lowered their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday, February 3rd. Needham & Company LLC lifted their price target on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley lifted their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Stock Down 4.7 %

8X8 stock opened at $2.83 on Wednesday. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The stock has a market capitalization of $372.68 million, a price-to-earnings ratio of -7.86, a PEG ratio of 6.65 and a beta of 1.66. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.52. The business has a fifty day moving average price of $2.78 and a 200-day moving average price of $2.44.

8X8 (NASDAQ:EGHT) last issued 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%. Equities research analysts forecast that 8X8 will post 0.04 EPS for the current fiscal year.

Insider Activity at 8X8

In related 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 owns 233,791 shares in the company, valued at $701,373. The trade was a 4.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 12,980 shares of company stock worth $38,817 in the last 90 days. Corporate insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On 8X8

Several institutional investors and hedge funds have recently modified their holdings of the business. Pallas Capital Advisors LLC acquired a new position in shares of 8X8 during the 4th quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of 8X8 during the 3rd quarter worth approximately $30,000. Picton Mahoney Asset Management boosted its holdings in shares of 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after purchasing an additional 3,876 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of 8X8 during the 4th quarter worth approximately $30,000. Finally, Cibc World Markets Corp acquired a new position in shares of 8X8 during the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.