Vanguard Group Inc. Has $26.02 Million Stock Position in 8x8 Inc $EGHT

Key Points

• Vanguard Group Inc. increased its stake in 8x8 Inc by 3.1%, now owning 13,009,471 shares valued at approximately $26 million.
• Recent research reports show a mixed outlook for 8x8 Inc, with analysts issuing ratings ranging from "buy" to "sell" and an average target price of $2.49.
• Insider trading activity includes the sale of 24,271 shares by Director Elizabeth Harriet Theophille, representing an 11.47% decrease in her ownership of 8x8 stock.

Vanguard Group Inc. boosted its stake in 8x8 Inc (NASDAQ:EGHT - Free Report) by 3.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,009,471 shares of the company's stock after acquiring an additional 393,478 shares during the period. Vanguard Group Inc. owned 9.88% of 8X8 worth $26,019,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of EGHT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 8X8 by 14.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company's stock worth $195,000 after purchasing an additional 9,093 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of 8X8 by 12.9% during the fourth quarter. Hsbc Holdings PLC now owns 85,321 shares of the company's stock valued at $232,000 after purchasing an additional 9,723 shares during the last quarter. Cerity Partners LLC raised its holdings in 8X8 by 34.8% in the first quarter. Cerity Partners LLC now owns 38,068 shares of the company's stock worth $76,000 after purchasing an additional 9,829 shares during the period. Captrust Financial Advisors acquired a new stake in shares of 8X8 in the 4th quarter valued at approximately $30,000. Finally, ProShare Advisors LLC grew its position in shares of 8X8 by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 36,000 shares of the company's stock valued at $96,000 after acquiring an additional 11,846 shares during the period. Hedge funds and other institutional investors own 93.99% of the company's stock.

Analyst Ratings Changes

EGHT has been the topic of a number of analyst reports. B. Riley reaffirmed a "buy" rating and issued a $3.00 price objective (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Wall Street Zen downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research report on Saturday. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $2.50 price objective on shares of 8X8 in a research note on Thursday, August 21st. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, 8X8 has a consensus rating of "Hold" and a consensus target price of $2.49.

8X8 Trading Down 2.0%

NASDAQ:EGHT traded down $0.04 during trading hours on Friday, hitting $1.98. The company had a trading volume of 1,007,751 shares, compared to its average volume of 950,181. The company has a market cap of $270.01 million, a P/E ratio of -12.38, a P/E/G ratio of 2.12 and a beta of 1.85. The company has a current ratio of 1.18, a quick 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 50-day moving average of $1.95 and a 200 day moving average of $1.98.

Insiders Place Their Bets

In related news, Director Elizabeth Harriet Theophille sold 24,271 shares of the firm's stock in a transaction that occurred 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 in the company, valued at $383,950.65. This trade represents a 11.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 103,826 shares of 8X8 stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $1.79, for a total value of $185,848.54. Following the transaction, the insider owned 13,781,823 shares in the company, valued at $24,669,463.17. This represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 334,741 shares of company stock worth $615,895. 2.01% of the stock is 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.