Vanguard Group Inc. trimmed its stake in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 27.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,605,256 shares of the company's stock after selling 4,052,861 shares during the period. Vanguard Group Inc. owned approximately 8.68% of 8X8 worth $26,725,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Captrust Financial Advisors raised its holdings in shares of 8X8 by 832.8% during the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company's stock valued at $38,000 after purchasing an additional 2,665 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in shares of 8X8 during the third quarter valued at approximately $43,000. Toroso Investments LLC purchased a new position in shares of 8X8 during the first quarter valued at approximately $44,000. Meeder Asset Management Inc. raised its holdings in shares of 8X8 by 1,620.9% during the fourth quarter. Meeder Asset Management Inc. now owns 10,360 shares of the company's stock valued at $45,000 after purchasing an additional 9,758 shares during the last quarter. Finally, Mackay Shields LLC purchased a new position in shares of 8X8 during the first quarter valued at approximately $46,000. 93.99% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the company's stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the transaction, the chief executive officer now directly owns 1,022,288 shares in the company, valued at $2,719,286.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Samuel C. Wilson sold 13,740 shares of the business's stock in a transaction on Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the transaction, the chief executive officer now owns 1,022,288 shares of the company's stock, valued at $2,719,286.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Suzy M. Seandel sold 8,800 shares of the business's stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $3.31, for a total transaction of $29,128.00. Following the completion of the transaction, the chief accounting officer now directly owns 275,346 shares in the company, valued at approximately $911,395.26. The disclosure for this sale can be found here. Insiders sold a total of 33,833 shares of company stock worth $97,906 over the last three months. 1.08% of the stock is currently owned by company insiders.
8X8 Price Performance
Shares of EGHT traded down $0.14 during mid-day trading on Friday, reaching $2.33. The stock had a trading volume of 770,351 shares, compared to its average volume of 1,121,779. The firm has a market cap of $287.57 million, a price-to-earnings ratio of -5.30 and a beta of 1.46. 8x8, Inc. has a 12 month low of $2.15 and a 12 month high of $4.88. The business has a fifty day moving average of $2.69 and a 200 day moving average of $2.96. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.31 and a current ratio of 1.31.
Analyst Ratings Changes
EGHT has been the subject of several research reports. Rosenblatt Securities reissued a "buy" rating and set a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. Needham & Company LLC restated a "buy" rating and set a $5.00 target price on shares of 8X8 in a research report on Thursday, February 1st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, 8X8 presently has an average rating of "Moderate Buy" and an average target price of $3.72.
Check Out Our Latest Stock Analysis on EGHT
About 8X8
(
Free Report)
8x8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8x8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8x8 Contact Center, a multi-channel cloud-based contact center solution; and 8x8 CPaaS, a set of global communications Platform-as-a-Service.
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