8X8’s (EGHT) Sell (D-) Rating Reiterated at Weiss Ratings

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

Several other research analysts also recently commented on the company. Barclays raised their target price on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Wells Fargo & Company increased their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. B. Riley reiterated a “buy” rating and set a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Finally, Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Three 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2.84.

8X8 Price Performance

Shares of EGHT opened at $2.72 on Friday. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.41. The business has a 50-day moving average of $2.83 and a 200-day moving average of $2.44. The company has a market capitalization of $355.40 million, a price-to-earnings ratio of -4.95, a price-to-earnings-growth ratio of 24.05 and a beta of 1.66. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. 8X8’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 earnings per share. As a group, equities research analysts anticipate that 8X8 will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On 8X8

Several institutional investors have recently bought and sold shares of the company. Pallas Capital Advisors LLC acquired a new stake in 8X8 during the 4th quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of 8X8 in the 3rd quarter valued at approximately $30,000. Virtu Financial LLC acquired a new position in shares of 8X8 during the third quarter worth about $36,000. Sei Investments Co. acquired a new position in 8X8 during the second quarter worth $44,000. Finally, Intech Investment Management LLC acquired a new stake in shares of 8X8 during the 3rd quarter valued at approximately $49,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.