Weiss Ratings reaffirmed their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT – Free Report) in a report released on Saturday morning,Weiss Ratings reports.
Several other analysts have also recently commented on the stock. Wall Street Zen upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 21st. B. Riley restated a “buy” rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Wells Fargo & Company lowered their price objective on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Tuesday, April 22nd. Mizuho lowered their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a research report on Tuesday, April 15th. Finally, Morgan Stanley lowered their price objective on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a research report on Wednesday, April 16th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.51.
Check Out Our Latest Analysis on EGHT
8X8 Stock Performance
Shares of 8X8 stock opened at $1.94 on Friday. The firm has a fifty day moving average of $1.83 and a two-hundred day moving average of $2.17. The stock has a market capitalization of $260.89 million, a price-to-earnings ratio of -9.24 and a beta of 1.83. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.20 and a current ratio of 1.20.
Insider Activity at 8X8
In other news, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total transaction of $368,000.00. Following the completion of the transaction, the insider directly owned 13,885,649 shares in the company, valued at $25,549,594.16. This represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 311,470 shares of company stock worth $567,950. Corporate insiders own 2.01% of the company’s stock.
Hedge Funds Weigh In On 8X8
A number of large investors have recently modified their holdings of EGHT. Segall Bryant & Hamill LLC acquired a new position in shares of 8X8 during the 1st quarter worth about $2,910,000. Acadian Asset Management LLC lifted its stake in 8X8 by 60.7% in the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company’s stock valued at $5,201,000 after purchasing an additional 982,342 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in 8X8 in the 4th quarter valued at about $2,126,000. Jacobs Levy Equity Management Inc. acquired a new stake in 8X8 in the 1st quarter valued at about $863,000. Finally, Renaissance Technologies LLC lifted its stake in 8X8 by 1,101.0% in the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock valued at $1,177,000 after purchasing an additional 404,077 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.
8X8 Company Profile
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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.
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