Russell Investments Group Ltd. Reduces Stock Holdings in 8x8 Inc $EGHT

Key Points

• Russell Investments Group Ltd. has reduced its stake in 8x8 Inc by 57.9%, now holding 1,751,433 shares valued at approximately $3.5 million.
• Multiple institutional investors have modified their holdings in 8x8 Inc, with over 93% of the stock owned by hedge funds and other institutions.
• Analysts have set diverse ratings for 8x8, with a consensus rating of "Hold" and a target price averaging $2.49, reflecting mixed sentiments regarding its future performance.

Russell Investments Group Ltd. lowered its stake in 8x8 Inc (NASDAQ:EGHT - Free Report) by 57.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,751,433 shares of the company's stock after selling 2,412,443 shares during the quarter. Russell Investments Group Ltd. owned about 1.33% of 8X8 worth $3,503,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of EGHT. National Bank of Canada FI acquired a new position in 8X8 in the first quarter valued at about $26,000. Captrust Financial Advisors purchased a new stake in 8X8 during the fourth quarter worth about $30,000. Bayesian Capital Management LP purchased a new stake in 8X8 during the fourth quarter worth about $43,000. Mercer Global Advisors Inc. ADV purchased a new stake in 8X8 during the fourth quarter worth about $51,000. Finally, Cerity Partners LLC increased 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 purchasing an additional 2,983 shares during the period. Institutional investors and hedge funds own 93.99% of the company's stock.

Analysts Set New Price Targets

EGHT has been the topic of a number of recent research reports. Wall Street Zen lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research note on Thursday, August 14th. Rosenblatt Securities restated a "buy" rating and set a $2.50 target price on shares of 8X8 in a research note on Thursday, August 21st. Finally, B. Riley reiterated a "buy" rating and issued a $3.00 price target (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $2.49.

8X8 Stock Performance

Shares of EGHT stock traded down $0.04 during trading hours on Friday, hitting $1.98. The stock had a trading volume of 1,007,751 shares, compared to its average volume of 950,181. The firm has a market capitalization of $270.01 million, a PE ratio of -12.38, a PEG ratio of 2.17 and a beta of 1.85. 8x8 Inc has a twelve month low of $1.52 and a twelve month high of $3.52. The stock's 50 day moving average is $1.95 and its 200 day moving average is $1.98. The company has a debt-to-equity ratio of 2.56, a current ratio of 1.18 and a quick ratio of 1.18.

Insider Activity at 8X8

In other news, major shareholder Sylebra Capital Llc sold 103,826 shares of the stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Elizabeth Harriet Theophille sold 24,271 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $2.05, for a total value of $49,755.55. Following the sale, the director directly owned 187,293 shares of the company's stock, valued at approximately $383,950.65. This represents a 11.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 334,741 shares of company stock valued at $615,895 over the last three months. Corporate 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.