Invenomic Capital Management LP Cuts Stake in 8x8, Inc. (NASDAQ:EGHT)

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

Other hedge funds and other institutional investors have also bought and sold shares of the company. Boston Partners raised its holdings in shares of 8X8 by 3.9% during the fourth quarter. Boston Partners now owns 6,644,856 shares of the company's stock valued at $17,742,000 after purchasing an additional 252,083 shares during the last quarter. Bank of America Corp DE grew its position in 8X8 by 7.0% in the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock worth $10,133,000 after purchasing an additional 249,798 shares during the period. Geode Capital Management LLC raised its stake in 8X8 by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company's stock valued at $8,077,000 after buying an additional 41,929 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of 8X8 by 4.8% during the 4th quarter. AQR Capital Management LLC now owns 1,772,844 shares of the company's stock valued at $4,733,000 after buying an additional 81,843 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of 8X8 by 1.3% in the 4th quarter. Deutsche Bank AG now owns 1,754,269 shares of the company's stock worth $4,684,000 after buying an additional 22,638 shares during the last quarter. Institutional investors own 93.99% of the company's stock.

Insider Transactions at 8X8

In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of 8X8 stock in a transaction on Friday, March 21st. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00. Following the transaction, the insider now owns 14,187,327 shares in the company, valued at approximately $30,360,879.78. The trade was a 0.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 254,678 shares of company stock valued at $562,412 over the last three months. Corporate insiders own 1.22% of the company's stock.

8X8 Stock Performance

NASDAQ EGHT remained flat at $1.81 on Friday. 3,332,262 shares of the company's stock were exchanged, compared to its average volume of 1,059,115. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. 8x8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52. The firm has a market cap of $238.37 million, a price-to-earnings ratio of -5.03, a PEG ratio of 6.08 and a beta of 1.80. The firm's 50 day moving average price is $1.88 and its 200-day moving average price is $2.47.

Analysts Set New Price Targets

EGHT has been the subject of a number of research reports. Rosenblatt Securities reduced their price objective on 8X8 from $3.30 to $2.70 and set a "buy" rating for the company in a research report 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. Mizuho lowered their price objective on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 15th. StockNews.com lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Monday. Finally, Morgan Stanley decreased their price target on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $2.51.

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.