Vanguard Group Inc. Sells 307,475 Shares of 8×8, Inc. (NASDAQ:EGHT)

Vanguard Group Inc. decreased its position in 8×8, Inc. (NASDAQ:EGHT) by 2.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,615,993 shares of the company’s stock after selling 307,475 shares during the quarter. Vanguard Group Inc. owned approximately 0.10% of 8X8 worth $33,685,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in EGHT. Geode Capital Management LLC boosted its holdings in 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after purchasing an additional 237,181 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of 8X8 by 8.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after buying an additional 11,287 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in shares of 8X8 by 178.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock worth $192,000 after buying an additional 60,316 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of 8X8 by 17.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company’s stock valued at $2,131,000 after acquiring an additional 118,686 shares in the last quarter. Finally, Barclays PLC grew its holdings in shares of 8X8 by 198.8% in the third quarter. Barclays PLC now owns 216,123 shares of the company’s stock valued at $440,000 after acquiring an additional 143,791 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Down 0.6 %

Shares of EGHT opened at $1.64 on Monday. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The business has a 50-day moving average of $2.35 and a 200 day moving average of $2.51. The firm has a market cap of $215.98 million, a P/E ratio of -4.56, a price-to-earnings-growth ratio of 6.08 and a beta of 1.81. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. As a group, research analysts forecast that 8×8, Inc. will post 0.04 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on EGHT. StockNews.com cut 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Rosenblatt Securities lowered their target price on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Morgan Stanley increased their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research report on Tuesday, April 8th. Finally, Needham & Company LLC boosted their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus target price of $2.99.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total transaction of $223,000.00. Following the sale, the insider now owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the transaction, the insider now owns 233,791 shares of the company’s stock, valued at approximately $701,373. This represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 263,678 shares of company stock valued at $591,532. Company insiders own 1.22% of the company’s stock.

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.