8x8, Inc. (NASDAQ:EGHT) Short Interest Update

8x8, Inc. (NASDAQ:EGHT - Get Free Report) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 5,490,000 shares, a drop of 12.3% from the April 30th total of 6,260,000 shares. Approximately 4.2% of the company's shares are short sold. Based on an average trading volume of 1,250,000 shares, the short-interest ratio is currently 4.4 days.

Insiders Place Their Bets

In other 8X8 news, major shareholder Sylebra Capital Llc sold 50,000 shares of the firm's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $2.14, for a total value of $107,000.00. Following the sale, the insider now owns 14,187,327 shares of the company's stock, valued at $30,360,879.78. This trade represents a 0.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 254,678 shares of company stock valued at $562,412 in the last quarter. Insiders own 1.22% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. SG Americas Securities LLC increased its stake in 8X8 by 39.4% during the 4th quarter. SG Americas Securities LLC now owns 61,050 shares of the company's stock valued at $163,000 after purchasing an additional 17,259 shares in the last quarter. Rhumbline Advisers increased its stake in 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock valued at $442,000 after purchasing an additional 8,100 shares in the last quarter. Ieq Capital LLC bought a new stake in 8X8 during the 4th quarter valued at about $85,000. Charles Schwab Investment Management Inc. increased its stake in 8X8 by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company's stock valued at $3,788,000 after purchasing an additional 80,042 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in 8X8 during the 4th quarter valued at about $144,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Stock Up 2.3%

NASDAQ EGHT traded up $0.04 during trading hours on Friday, reaching $1.81. 1,448,869 shares of the company's stock traded hands, compared to its average volume of 1,093,748. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.52. The firm has a market cap of $243.41 million, a PE ratio of -5.03, a PEG ratio of 6.08 and a beta of 1.79. The firm has a 50-day simple moving average of $1.73 and a 200 day simple moving average of $2.36. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24.

Analysts Set New Price Targets

EGHT has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a report on Saturday, May 24th. Morgan Stanley dropped their target price on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. Wall Street Zen cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 29th. Wells Fargo & Company dropped their target price on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $2.70 target price on shares of 8X8 in a research report on Tuesday, May 20th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $2.51.

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.