8x8 Inc $EGHT is Sylebra Capital LLC's 9th Largest Position

Key Points

• Sylebra Capital reduced its 8x8 stake by 22.5% in the first quarter, selling 2.59 million shares. It still owns 8.91 million shares, representing 6.39% of 8x8 and 1.9% of its portfolio.
• Other major institutional investors, including Vanguard, Boston Partners, Bank of America, AQR Capital and Geode, increased their positions. Institutions collectively own 93.99% of the company.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and a $2.45 target price. 8x8 shares opened at $1.91, while a director recently sold 20,207 shares at an average price of $1.81.

Sylebra Capital LLC lowered its stake in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 22.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,908,503 shares of the company's stock after selling 2,589,874 shares during the quarter. 8X8 comprises 1.9% of Sylebra Capital LLC's holdings, making the stock its 9th largest holding. Sylebra Capital LLC owned 6.39% of 8X8 worth $14,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of 8X8 by 2.3% during the third quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company's stock valued at $29,453,000 after buying an additional 317,196 shares during the last quarter. Boston Partners boosted its holdings in shares of 8X8 by 7.9% in the 3rd quarter. Boston Partners now owns 8,582,614 shares of the company's stock valued at $18,192,000 after buying an additional 625,479 shares in the last quarter. Bank of America Corp DE grew its position in shares of 8X8 by 31.9% in the 3rd quarter. Bank of America Corp DE now owns 6,234,230 shares of the company's stock worth $13,217,000 after buying an additional 1,506,586 shares during the last quarter. AQR Capital Management LLC grew its position in shares of 8X8 by 14.9% in the 4th quarter. AQR Capital Management LLC now owns 3,408,703 shares of the company's stock worth $6,715,000 after buying an additional 441,157 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of 8X8 by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 3,310,912 shares of the company's stock worth $6,524,000 after acquiring an additional 23,300 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Zacks Research cut shares of 8X8 from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Rosenblatt Securities lifted their price target on shares of 8X8 from $2.75 to $3.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. Finally, Weiss Ratings raised 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, 8X8 has a consensus rating of "Hold" and a consensus target price of $2.45.

Insider Buying and Selling at 8X8

In related news, Director Elizabeth Harriet Theophille sold 20,207 shares of the business's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $1.81, for a total transaction of $36,574.67. Following the completion of the transaction, the director directly owned 167,086 shares in the company, valued at $302,425.66. The trade was a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.13% of the stock is owned by insiders.

8X8 Stock Performance

EGHT opened at $1.91 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.93. 8x8 Inc has a 12-month low of $1.56 and a 12-month high of $2.88. The firm has a 50 day moving average of $1.92 and a two-hundred day moving average of $2.01. The firm has a market capitalization of $270.80 million, a PE ratio of 95.55, a P/E/G ratio of 1.34 and a beta of 1.84.

8X8 Profile

8x8, Inc NASDAQ: EGHT is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company's unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8x8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8x8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.

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