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

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

A number of other brokerages have also recently weighed in on EGHT. B. Riley reaffirmed a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Wedbush raised 8X8 to a “hold” rating in a research report on Thursday, October 17th. Wells Fargo & Company lifted 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. Mizuho downgraded 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. Finally, Rosenblatt Securities dropped their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.87.

8X8 Trading Down 2.3 %

Shares of NASDAQ EGHT opened at $2.58 on Friday. The business has a 50 day simple moving average of $2.84 and a 200 day simple moving average of $2.42. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.76. The stock has a market cap of $337.10 million, a price-to-earnings ratio of -4.69, a PEG ratio of 22.25 and a beta of 1.66. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 earnings per share. On average, research analysts predict that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. grew its position in 8X8 by 0.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after buying an additional 4,145 shares in the last quarter. Creative Planning lifted its position in shares of 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after acquiring an additional 5,453 shares during the period. Pallas Capital Advisors LLC acquired a new stake in shares of 8X8 during the 4th quarter worth approximately $29,000. BNP Paribas Financial Markets increased its position in shares of 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after purchasing an additional 11,287 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of 8X8 in the third quarter valued at $30,000. Institutional investors own 93.99% of the company’s stock.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.