Russell Investments Group Ltd. Sells 2,412,443 Shares of 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. lessened its holdings in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 57.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,751,433 shares of the company's stock after selling 2,412,443 shares during the period. Russell Investments Group Ltd. owned 1.33% of 8X8 worth $3,503,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Wells Fargo & Company MN increased its holdings in shares of 8X8 by 45.5% during the 4th quarter. Wells Fargo & Company MN now owns 65,137 shares of the company's stock worth $174,000 after buying an additional 20,371 shares during the last quarter. Cerity Partners LLC increased its holdings in 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock valued at $73,000 after purchasing an additional 2,983 shares during the last quarter. Renaissance Technologies LLC increased its holdings in 8X8 by 1,101.0% in the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company's stock valued at $1,177,000 after purchasing an additional 404,077 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in 8X8 in the 4th quarter valued at approximately $144,000. Finally, Barclays PLC increased its holdings in 8X8 by 8.9% in the 4th quarter. Barclays PLC now owns 235,350 shares of the company's stock valued at $628,000 after purchasing an additional 19,227 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

8X8 Price Performance

EGHT stock traded up $0.10 on Thursday, hitting $2.01. 560,535 shares of the company's stock traded hands, compared to its average volume of 1,134,599. 8x8 Inc has a 1-year low of $1.52 and a 1-year high of $3.52. The stock has a market cap of $273.42 million, a price-to-earnings ratio of -12.53, a P/E/G ratio of 2.00 and a beta of 1.85. The stock has a fifty day moving average of $1.94 and a 200-day moving average of $2.00. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 2.56.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. B. Riley restated a "buy" rating and issued a $3.00 price target (down previously from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Thursday, August 14th. Wall Street Zen cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Rosenblatt Securities restated a "buy" rating and set a $2.50 target price on shares of 8X8 in a research report on Thursday, August 21st. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $2.49.

Insider Buying and Selling at 8X8

In related news, Director Elizabeth Harriet Theophille sold 24,271 shares of the stock in a transaction dated 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 in the company, valued at $383,950.65. This trade represents a 11.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total transaction of $368,000.00. Following the sale, the insider owned 13,885,649 shares of the company's stock, valued at $25,549,594.16. This trade represents a 1.42% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 334,741 shares of company stock worth $615,895. 2.01% of the stock is currently owned by company insiders.

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.