Deutsche Bank AG Sells 246,250 Shares of 8x8 Inc $EGHT

Key Points

• Deutsche Bank AG reduced its holdings in 8x8 Inc by 14.0%, selling 246,250 shares during the first quarter, leaving it with approximately 1,508,019 shares valued at $3,016,000.
• Institutional investors now hold 93.99% of 8x8's stock, with several funds, including Captrust and Bayesian Capital Management, recently increasing their positions in the company.
• The stock of 8x8 is currently trading at $1.87, with analysts providing mixed ratings, resulting in an average price target of $2.49, indicating potential upside.

Deutsche Bank AG decreased its holdings in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 14.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,508,019 shares of the company's stock after selling 246,250 shares during the quarter. Deutsche Bank AG owned 1.15% of 8X8 worth $3,016,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Captrust Financial Advisors acquired a new position in 8X8 during the fourth quarter worth about $30,000. Bayesian Capital Management LP acquired a new position in 8X8 during the fourth quarter worth about $43,000. Mercer Global Advisors Inc. ADV acquired a new position in 8X8 during the fourth quarter worth about $51,000. Cerity Partners LLC raised its stake in 8X8 by 11.8% during the fourth quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock worth $73,000 after acquiring an additional 2,983 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in 8X8 by 89.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company's stock worth $75,000 after acquiring an additional 13,184 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on EGHT. B. Riley reissued a "buy" rating and set a $3.00 target price (down previously from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Rosenblatt Securities reissued a "buy" rating and set a $2.50 target price on shares of 8X8 in a research note on Thursday. Wall Street Zen downgraded 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a research note on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, 8X8 presently has an average rating of "Hold" and an average price target of $2.49.

8X8 Trading Up 7.7%

Shares of 8X8 stock traded up $0.14 on Friday, hitting $1.96. The stock had a trading volume of 1,085,751 shares, compared to its average volume of 886,657. The firm has a market capitalization of $267.29 million, a P/E ratio of -12.25, a PEG ratio of 2.10 and a beta of 1.85. The stock has a 50 day moving average of $1.93 and a 200 day moving average of $2.01. The company has a debt-to-equity ratio of 2.56, a quick ratio of 1.18 and a current ratio of 1.18. 8x8 Inc has a twelve month low of $1.52 and a twelve month high of $3.52.

Insider Buying and Selling

In other 8X8 news, Director Elizabeth Harriet Theophille sold 24,271 shares of the stock in a transaction that occurred on 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 approximately $383,950.65. This represents a 11.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 103,826 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $1.79, for a total transaction of $185,848.54. Following the sale, the insider directly owned 13,781,823 shares of the company's stock, valued at $24,669,463.17. This represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 334,741 shares of company stock valued at $615,895 in the last three months. Insiders own 2.01% of the company's stock.

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.