Invenomic Capital Management LP Has $13.85 Million Stock Position in 8x8, Inc. (NASDAQ:EGHT)

Invenomic Capital Management LP reduced its stake in 8x8, Inc. (NASDAQ:EGHT - Free Report) by 6.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,187,548 shares of the company's stock after selling 340,949 shares during the quarter. Invenomic Capital Management LP owned about 3.94% of 8X8 worth $13,851,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of EGHT. Pallas Capital Advisors LLC bought a new position in shares of 8X8 during the fourth quarter worth approximately $29,000. Picton Mahoney Asset Management grew its holdings in 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after buying an additional 3,876 shares in the last quarter. Captrust Financial Advisors acquired a new stake in shares of 8X8 during the fourth quarter worth $30,000. Cibc World Markets Corp bought a new stake in shares of 8X8 in the fourth quarter valued at about $32,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in shares of 8X8 in the fourth quarter valued at about $34,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 50,000 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $2.14, for a total value of $107,000.00. Following the completion of the transaction, the insider now owns 14,187,327 shares of the company's stock, valued at $30,360,879.78. This represents a 0.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have sold 253,678 shares of company stock valued at $560,602. 1.22% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have weighed in on EGHT shares. Rosenblatt Securities dropped their price objective on shares of 8X8 from $3.30 to $2.70 and set a "buy" rating for the company in a research note on Thursday, April 24th. Barclays boosted their price target on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Wells Fargo & Company lowered their price objective on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. B. Riley reissued a "buy" rating and set a $3.00 target price (down from $4.00) on shares of 8X8 in a report on Wednesday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research report on Saturday. Three equities 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 company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $2.51.

8X8 Price Performance

NASDAQ:EGHT traded down $0.12 during trading hours on Wednesday, hitting $1.81. The company's stock had a trading volume of 2,901,896 shares, compared to its average volume of 1,047,692. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The company has a market capitalization of $238.37 million, a P/E ratio of -5.03, a PEG ratio of 6.08 and a beta of 1.80. 8x8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.52. The stock has a fifty day simple moving average of $1.89 and a 200-day simple moving average of $2.47.

About 8X8

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.