Bank of America Corp DE Sells 602,277 Shares of 8x8 Inc $EGHT

Bank of America Corp DE lessened its position in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 9.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,042,563 shares of the company's stock after selling 602,277 shares during the quarter. Bank of America Corp DE owned about 4.34% of 8X8 worth $10,031,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Sequoia Financial Advisors LLC bought a new position in shares of 8X8 in the 1st quarter valued at about $25,000. Prelude Capital Management LLC bought a new stake in shares of 8X8 in the 3rd quarter valued at approximately $26,000. CIBC Bancorp USA Inc. purchased a new position in shares of 8X8 in the 3rd quarter worth approximately $30,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of 8X8 in the 3rd quarter worth about $31,000. Finally, Abel Hall LLC bought a new stake in shares of 8X8 in the 4th quarter worth about $33,000. Institutional investors own 93.99% of the company's stock.

Insider Transactions at 8X8

In related news, CFO Kevin Kraus sold 34,329 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $2.32, for a total value of $79,643.28. Following the sale, the chief financial officer owned 958,324 shares in the company, valued at $2,223,311.68. This represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Elizabeth Harriet Theophille sold 20,207 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $1.81, for a total transaction of $36,574.67. Following the completion of the sale, the director owned 167,086 shares in the company, valued at $302,425.66. The trade was a 10.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.13% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

EGHT has been the topic of several analyst reports. Weiss Ratings upgraded shares of 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a report on Thursday, June 4th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $3.00 price objective on shares of 8X8 in a research report on Wednesday, August 5th. Finally, B. Riley Financial reiterated a "buy" rating and issued a $3.25 target price (up from $3.00) on shares of 8X8 in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $2.72.

8X8 Stock Performance

Shares of NASDAQ:EGHT opened at $2.01 on Monday. The company has a market capitalization of $290.32 million, a PE ratio of 50.26, a P/E/G ratio of 1.38 and a beta of 1.83. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.83. 8x8 Inc has a 12-month low of $1.57 and a 12-month high of $2.88. The business's fifty day simple moving average is $1.94 and its 200-day simple moving average is $2.05.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.04 by $0.05. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. The firm had revenue of $190.17 million during the quarter, compared to analyst estimates of $182.47 million. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. As a group, equities research analysts predict that 8x8 Inc will post 0.2 earnings per share for the current fiscal year.

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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