Invenomic Capital Management LP Cuts Stock Holdings in 8x8 Inc $EGHT

Key Points

• Invenomic Capital Management LP sold 1,352,184 shares of 8x8 Inc, reducing its stake by 26.1%, now holding 3,835,364 shares valued at approximately $7.67 million.
• Several institutional investors, including Vanguard Group Inc. and Bank of America, have increased their positions in 8x8 Inc, with Vanguard now owning over 13 million shares.
• Analysts have varying opinions on 8x8's stock, with ratings ranging from sell to buy, and an average price target of $2.49, reflecting uncertain market sentiment.

Invenomic Capital Management LP cut its stake in 8x8 Inc (NASDAQ:EGHT - Free Report) by 26.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,835,364 shares of the company's stock after selling 1,352,184 shares during the quarter. Invenomic Capital Management LP owned 2.91% of 8X8 worth $7,671,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. bought a new stake in 8X8 during the first quarter valued at approximately $863,000. Algert Global LLC bought a new stake in 8X8 during the first quarter valued at approximately $29,000. American Century Companies Inc. grew its position in 8X8 by 22.9% during the first quarter. American Century Companies Inc. now owns 268,331 shares of the company's stock valued at $537,000 after buying an additional 49,930 shares during the period. Nuveen LLC bought a new stake in 8X8 during the first quarter valued at approximately $639,000. Finally, Invesco Ltd. grew its position in 8X8 by 33.3% during the first quarter. Invesco Ltd. now owns 355,571 shares of the company's stock valued at $711,000 after buying an additional 88,911 shares during the period. 93.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on EGHT shares. B. Riley restated a "buy" rating and set a $3.00 target price (down from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Wall Street Zen upgraded shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research report on Friday. Morgan Stanley set a $1.90 target price on shares of 8X8 in a research report on Friday, August 29th. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research report on Saturday, August 30th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $2.50 price target on shares of 8X8 in a report on Thursday, August 21st. Three research 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. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.49.

Insider Activity at 8X8

In other news, Director Elizabeth Harriet Theophille sold 24,271 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $2.05, for a total value of $49,755.55. Following the transaction, the director owned 187,293 shares of the company's stock, valued at approximately $383,950.65. The trade was a 11.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 200,000 shares of the firm's stock in a transaction 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 directly owned 13,885,649 shares of the company's stock, valued at $25,549,594.16. The trade was a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 334,741 shares of company stock worth $615,895 in the last ninety days. Insiders own 2.01% of the company's stock.

8X8 Price Performance

NASDAQ:EGHT traded up $0.10 during trading hours on Friday, hitting $2.07. 620,651 shares of the stock traded hands, compared to its average volume of 679,897. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. 8x8 Inc has a 1 year low of $1.52 and a 1 year high of $3.52. The company has a market cap of $282.29 million, a price-to-earnings ratio of -12.94, a price-to-earnings-growth ratio of 2.26 and a beta of 1.86. The stock has a 50 day moving average price of $1.96 and a 200 day moving average price of $1.93.

About 8X8

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.