8x8 Inc (NASDAQ:EGHT) Sees Large Drop in Short Interest

8x8 Inc (NASDAQ:EGHT - Get Free Report) was the recipient of a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 3,910,000 shares, a drop of 28.8% from the May 15th total of 5,490,000 shares. Approximately 3.0% of the company's shares are sold short. Based on an average daily volume of 1,320,000 shares, the short-interest ratio is presently 3.0 days.

Insider Transactions at 8X8

In related news, major shareholder Sylebra Capital Llc sold 103,826 shares of 8X8 stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the sale, the insider now directly owns 13,781,823 shares in the company, valued at $24,669,463.17. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 407,504 shares of company stock valued at $784,070. Company insiders own 1.22% of the company's stock.

Institutional Investors Weigh In On 8X8

Large investors have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in shares of 8X8 by 7.0% in the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock worth $10,133,000 after acquiring an additional 249,798 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in 8X8 in the fourth quarter worth approximately $2,126,000. Two Sigma Advisers LP raised its stake in 8X8 by 39.2% during the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company's stock valued at $3,254,000 after buying an additional 343,400 shares during the last quarter. Two Sigma Investments LP raised its stake in 8X8 by 49.2% during the 4th quarter. Two Sigma Investments LP now owns 1,014,048 shares of the company's stock valued at $2,708,000 after buying an additional 334,348 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of 8X8 by 17.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock valued at $2,131,000 after buying an additional 118,686 shares during the period. 93.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on EGHT. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a report on Wednesday, June 11th. Wall Street Zen lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 29th. B. Riley reaffirmed a "buy" rating and set a $3.00 target price (down previously from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Wells Fargo & Company dropped their price target on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Mizuho reduced their price objective on 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research report on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, 8X8 currently has a consensus rating of "Hold" and an average price target of $2.51.

8X8 Stock Down 5.2%

Shares of 8X8 stock traded down $0.10 on Friday, reaching $1.75. The company's stock had a trading volume of 867,263 shares, compared to its average volume of 1,230,656. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.52. The firm's fifty day simple moving average is $1.74 and its two-hundred day simple moving average is $2.28. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.77. The company has a market capitalization of $234.67 million, a price-to-earnings ratio of -8.25 and a beta of 1.79.

8X8 Company Profile

8x8, 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.