8x8 Inc (NASDAQ:EGHT) Short Interest Down 28.8% in May

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Wednesday, June 11th. Morgan Stanley reduced their target price on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. Mizuho dropped their price target on 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research report on Tuesday, April 15th. Wall Street Zen downgraded 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 29th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $2.70 price objective on shares of 8X8 in a research note on Tuesday, May 20th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, 8X8 has an average rating of "Hold" and an average target price of $2.51.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc sold 103,826 shares of 8X8 stock in a transaction 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 completion of the transaction, the insider now owns 13,781,823 shares of the company's stock, valued at $24,669,463.17. The trade was a 0.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 457,504 shares of company stock worth $891,070. 1.22% of the stock is owned by corporate insiders.

Institutional Trading of 8X8

A number of institutional investors have recently added to or reduced their stakes in the business. Segall Bryant & Hamill LLC acquired a new position in 8X8 during the 1st quarter worth approximately $2,910,000. Acadian Asset Management LLC lifted its position in shares of 8X8 by 60.7% during the first quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company's stock worth $5,201,000 after purchasing an additional 982,342 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of 8X8 during the fourth quarter worth $2,126,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of 8X8 in the first quarter valued at $863,000. Finally, Renaissance Technologies LLC grew its holdings in 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company's stock valued at $1,177,000 after purchasing an additional 404,077 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Stock Performance

EGHT remained flat at $1.84 on Thursday. 1,252,250 shares of the company were exchanged, compared to its average volume of 1,106,546. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.52. The company's fifty day simple moving average is $1.74 and its 200 day simple moving average is $2.29. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.77. The company has a market capitalization of $247.44 million, a P/E ratio of -8.76 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.