Sylebra Capital LLC Trims Stake in 8x8 Inc $EGHT

Key Points

• Sylebra Capital LLC has reduced its holdings in 8x8 Inc by 2.1%, now owning approximately 14.1 million shares, which represents about 10.7% of the company's total stock.
• Other institutional investors, including Vanguard Group Inc. and Bank of America, have increased their positions in 8x8 during the recent quarters, indicating varied investor interest.
• Several analysts have issued mixed ratings for 8x8 stock, with a consensus rating of "Hold" and an average price target of $2.49 per share.

Sylebra Capital LLC decreased its position in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,085,649 shares of the company's stock after selling 303,827 shares during the period. 8X8 accounts for about 1.4% of Sylebra Capital LLC's investment portfolio, making the stock its 14th largest position. Sylebra Capital LLC owned about 10.70% of 8X8 worth $28,171,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in EGHT. Wells Fargo & Company MN boosted its position in shares of 8X8 by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 65,137 shares of the company's stock worth $174,000 after acquiring an additional 20,371 shares during the last quarter. Raymond James Financial Inc. purchased a new position in 8X8 during the fourth quarter worth $144,000. Hsbc Holdings PLC grew its holdings in 8X8 by 12.9% during the 4th quarter. Hsbc Holdings PLC now owns 85,321 shares of the company's stock valued at $232,000 after purchasing an additional 9,723 shares during the last quarter. Northern Trust Corp raised its holdings in shares of 8X8 by 4.5% in the fourth quarter. Northern Trust Corp now owns 1,072,987 shares of the company's stock worth $2,865,000 after buying an additional 46,481 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of 8X8 during the fourth quarter worth $51,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Price Performance

Shares of NASDAQ EGHT traded up $0.02 during trading on Wednesday, hitting $2.09. The company had a trading volume of 491,066 shares, compared to its average volume of 600,871. 8x8 Inc has a fifty-two week low of $1.52 and a fifty-two week high of $3.52. The stock has a fifty day simple moving average of $1.97 and a two-hundred day simple moving average of $1.93. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. The firm has a market capitalization of $285.01 million, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 2.26 and a beta of 1.87.

Analyst Ratings Changes

A number of brokerages recently issued reports on EGHT. B. Riley reiterated a "buy" rating and issued a $3.00 price target (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Rosenblatt Securities reissued a "buy" rating and issued a $2.50 price objective on shares of 8X8 in a research report on Thursday, August 21st. Wall Street Zen raised shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a report on Saturday, August 30th. Finally, Morgan Stanley set a $1.90 target price on 8X8 in a research report on Friday, August 29th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $2.49.

Insider Activity at 8X8

In related news, major shareholder Sylebra Capital Llc sold 103,826 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total value of $185,848.54. Following the completion of the transaction, the insider directly owned 13,781,823 shares of the company's stock, valued at approximately $24,669,463.17. This represents a 0.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Elizabeth Harriet Theophille sold 24,271 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $2.05, for a total transaction of $49,755.55. Following the completion of the sale, the director owned 187,293 shares of the company's stock, valued at $383,950.65. This trade represents a 11.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 134,741 shares of company stock valued at $247,895 over the last quarter. 2.01% of the stock is owned by company insiders.

8X8 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.