8x8 Inc $EGHT Shares Sold by Deutsche Bank AG

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 lowered its stake in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 14.0% during the first 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 period. Deutsche Bank AG owned about 1.15% of 8X8 worth $3,016,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Technology Crossover Management VIII Ltd. purchased a new stake in 8X8 during the first quarter worth about $102,000. Vanguard Group Inc. boosted its holdings in 8X8 by 3.1% during the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after buying an additional 393,478 shares in the last quarter. XTX Topco Ltd boosted its holdings in 8X8 by 17.7% during the first quarter. XTX Topco Ltd now owns 188,979 shares of the company's stock worth $378,000 after buying an additional 28,454 shares in the last quarter. Summit Partners L P purchased a new stake in 8X8 during the first quarter worth about $140,000. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of 8X8 in the first quarter valued at about $2,910,000. Hedge funds and other institutional investors own 93.99% of the company's stock.

8X8 Trading Down 2.0%

Shares of EGHT traded down $0.04 on Monday, hitting $1.92. 631,116 shares of the stock traded hands, compared to its average volume of 926,088. 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 $261.83 million, a P/E ratio of -12.00, a P/E/G ratio of 2.10 and a beta of 1.85. The stock's 50 day moving average is $1.94 and its two-hundred day moving average is $2.00. 8x8 Inc has a 1 year low of $1.52 and a 1 year high of $3.52.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. B. Riley reaffirmed 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. Wall Street Zen downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $2.50 price target on shares of 8X8 in a report on Thursday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report 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. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $2.49.

Insider Activity at 8X8

In related news, major shareholder Sylebra Capital Llc sold 200,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total transaction of $368,000.00. Following the transaction, the insider owned 13,885,649 shares of the company's stock, valued at approximately $25,549,594.16. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Elizabeth Harriet Theophille sold 24,271 shares of the company's 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 transaction, the director directly owned 187,293 shares in the company, valued at $383,950.65. The trade was a 11.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 334,741 shares of company stock worth $615,895 in the last three months. Insiders own 2.01% of the company's stock.

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.