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

Weiss Ratings restated their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT - Free Report) in a research note released on Friday,Weiss Ratings reports.

Several other equities research analysts also recently issued reports on the stock. Barclays boosted their price objective on shares of 8X8 from $2.50 to $3.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Needham & Company LLC increased their price target on 8X8 from $3.00 to $3.50 and gave the company a "buy" rating in a report on Wednesday, February 5th. Rosenblatt Securities cut their price objective on 8X8 from $3.50 to $3.30 and set a "buy" rating on the stock in a research report on Monday, February 3rd. Morgan Stanley upped their target price on 8X8 from $2.00 to $2.60 and gave the stock an "underweight" rating in a research report on Wednesday, December 18th. Finally, StockNews.com downgraded 8X8 from a "strong-buy" rating to a "buy" rating in a report on Wednesday, February 5th. Three investment 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's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $2.99.

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8X8 Price Performance

EGHT stock traded down $0.02 during midday trading on Friday, hitting $2.15. 786,234 shares of the stock were exchanged, compared to its average volume of 1,053,519. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The stock's 50-day moving average price is $2.72 and its 200-day moving average price is $2.50. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The stock has a market cap of $283.14 million, a price-to-earnings ratio of -5.97, a PEG ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT - Get Free Report) last released its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. Research analysts predict that 8X8 will post 0.04 earnings per share for the current year.

Insider Buying and Selling

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the firm's stock in a transaction 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 completion of the transaction, the insider now directly owns 233,791 shares of the company's stock, valued at $701,373. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 12,980 shares of company stock worth $38,817. Insiders own 1.22% of the company's stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently modified their holdings of EGHT. Mackenzie Financial Corp raised its stake in 8X8 by 89.4% during the fourth quarter. Mackenzie Financial Corp now owns 239,052 shares of the company's stock valued at $638,000 after buying an additional 112,820 shares in the last quarter. Two Sigma Advisers LP raised its position in shares of 8X8 by 39.2% during the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company's stock valued at $3,254,000 after acquiring an additional 343,400 shares in the last quarter. Two Sigma Investments LP lifted its stake in 8X8 by 49.2% during the fourth quarter. Two Sigma Investments LP now owns 1,014,048 shares of the company's stock worth $2,708,000 after purchasing an additional 334,348 shares during the last quarter. State of Wyoming boosted its holdings in 8X8 by 64.6% in the fourth quarter. State of Wyoming now owns 250,725 shares of the company's stock worth $669,000 after purchasing an additional 98,425 shares during the period. Finally, ProShare Advisors LLC increased its stake in 8X8 by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 36,000 shares of the company's stock valued at $96,000 after purchasing an additional 11,846 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company's stock.

About 8X8

8x8, 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.