Point72 Asia Singapore Pte. Ltd. Sells 44,702 Shares of 8×8, Inc. (NASDAQ:EGHT)

Point72 Asia Singapore Pte. Ltd. cut its stake in 8×8, Inc. (NASDAQ:EGHT) by 49.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,882 shares of the company’s stock after selling 44,702 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in 8X8 were worth $100,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in 8X8 by 5.2% in the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after purchasing an additional 561,436 shares in the last quarter. Boston Partners increased its position in shares of 8X8 by 473.2% in the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after buying an additional 3,073,230 shares in the last quarter. Invenomic Capital Management LP raised its stake in 8X8 by 27.5% during the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after buying an additional 571,245 shares during the period. Acadian Asset Management LLC lifted its holdings in 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after acquiring an additional 1,279,145 shares in the last quarter. Finally, S Squared Technology LLC grew its stake in 8X8 by 13.8% in the fourth quarter. S Squared Technology LLC now owns 1,546,863 shares of the company’s stock valued at $5,847,000 after acquiring an additional 188,000 shares during the period. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EGHT. Wells Fargo & Company dropped their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Friday, June 21st. Barclays cut their price target on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Rosenblatt Securities reissued a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research report on Thursday, August 22nd. StockNews.com cut shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Saturday, August 17th. Finally, Needham & Company LLC dropped their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $2.83.

8X8 Stock Down 1.0 %

8X8 stock opened at $2.00 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.92. The company has a fifty day simple moving average of $2.13 and a 200 day simple moving average of $2.35. The company has a market cap of $256.66 million, a P/E ratio of -3.64 and a beta of 1.55.

8X8 (NASDAQ:EGHT) last released its earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The company had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. During the same period in the prior year, the firm posted ($0.04) EPS. 8X8’s revenue was down 5.7% compared to the same quarter last year. Research analysts anticipate that 8×8, Inc. will post -0.08 earnings per share for the current fiscal year.

8X8 Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.