8X8 (NASDAQ:EGHT) Given “Sell (D-)” Rating at Weiss Ratings

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

Several other research analysts have also commented on EGHT. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Barclays upped their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Morgan Stanley upped their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. B. Riley reaffirmed a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Finally, Wells Fargo & Company upped their target price on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Three research 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.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Stock Down 4.2 %

Shares of NASDAQ EGHT opened at $2.97 on Wednesday. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The firm has a market capitalization of $391.12 million, a price-to-earnings ratio of -8.25, a PEG ratio of 6.69 and a beta of 1.66. The business has a 50-day moving average of $2.79 and a 200-day moving average of $2.44.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping 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%. Sell-side analysts expect that 8X8 will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 233,791 shares in the company, valued at approximately $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 12,980 shares of company stock worth $38,817. 1.22% of the stock is currently owned by insiders.

Institutional Trading of 8X8

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Pallas Capital Advisors LLC bought a new position in shares of 8X8 during the fourth quarter valued at approximately $29,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of 8X8 during the third quarter valued at approximately $30,000. Picton Mahoney Asset Management raised its holdings in shares of 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after acquiring an additional 3,876 shares in the last quarter. Captrust Financial Advisors bought a new position in shares of 8X8 during the fourth quarter valued at approximately $30,000. Finally, Cibc World Markets Corp bought a new position in shares of 8X8 during the fourth quarter valued at approximately $32,000. Institutional investors own 93.99% of the company’s stock.

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.