Yousif Capital Management LLC lessened its holdings in 8×8, Inc. (NASDAQ:EGHT – Free Report) by 9.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,308 shares of the company’s stock after selling 6,950 shares during the period. Yousif Capital Management LLC owned approximately 0.06% of 8X8 worth $268,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of EGHT. Envestnet Asset Management Inc. boosted its stake in 8X8 by 13.3% during the first quarter. Envestnet Asset Management Inc. now owns 26,524 shares of the company’s stock worth $334,000 after buying an additional 3,106 shares during the period. MetLife Investment Management LLC boosted its stake in shares of 8X8 by 55.3% during the first quarter. MetLife Investment Management LLC now owns 60,331 shares of the company’s stock valued at $760,000 after purchasing an additional 21,494 shares during the period. Rhumbline Advisers boosted its stake in shares of 8X8 by 9.3% during the first quarter. Rhumbline Advisers now owns 285,895 shares of the company’s stock valued at $3,599,000 after purchasing an additional 24,273 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of 8X8 by 18.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 102,013 shares of the company’s stock valued at $1,284,000 after purchasing an additional 15,889 shares during the period. Finally, Great West Life Assurance Co. Can boosted its stake in shares of 8X8 by 4.0% during the first quarter. Great West Life Assurance Co. Can now owns 101,252 shares of the company’s stock valued at $1,307,000 after purchasing an additional 3,927 shares during the period. 97.81% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on EGHT. Barclays lowered their target price on shares of 8X8 from $5.00 to $4.00 in a research note on Friday, May 12th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $6.00 price objective on shares of 8X8 in a research note on Thursday, August 3rd. Wells Fargo & Company lowered their price objective on shares of 8X8 from $4.50 to $3.00 in a research note on Friday, May 12th. Finally, StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, May 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $5.68.
Insider Activity at 8X8
In related news, CAO Suzy M. Seandel sold 28,418 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $4.49, for a total value of $127,596.82. Following the completion of the transaction, the chief accounting officer now directly owns 288,631 shares of the company’s stock, valued at approximately $1,295,953.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 8X8 news, CAO Suzy M. Seandel sold 28,418 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $4.49, for a total transaction of $127,596.82. Following the completion of the transaction, the chief accounting officer now directly owns 288,631 shares of the company’s stock, valued at approximately $1,295,953.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Elizabeth Harriet Theophille sold 11,598 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $4.51, for a total transaction of $52,306.98. Following the transaction, the director now directly owns 75,779 shares of the company’s stock, valued at $341,763.29. The disclosure for this sale can be found here. Insiders sold 46,152 shares of company stock valued at $206,682 in the last three months. 1.08% of the stock is owned by insiders.
8X8 Stock Performance
EGHT stock opened at $4.21 on Wednesday. The firm has a market cap of $489.88 million, a price-to-earnings ratio of -6.68 and a beta of 1.28. The firm has a 50-day simple moving average of $4.21 and a two-hundred day simple moving average of $4.08. 8×8, Inc. has a one year low of $2.50 and a one year high of $6.49. The company has a debt-to-equity ratio of 4.29, a quick ratio of 1.19 and a current ratio of 1.19.
8X8 (NASDAQ:EGHT – Get Free Report) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.01). The firm had revenue of $183.30 million for the quarter, compared to analysts’ expectations of $187.09 million. 8X8 had a negative net margin of 9.83% and a negative return on equity of 51.00%. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.14) earnings per share. On average, equities analysts forecast that 8×8, Inc. will post -0.05 EPS for the current fiscal year.
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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.
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