8×8, Inc. (NASDAQ:EGHT) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 39.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 46,230 shares of the company’s stock after selling 30,043 shares during the quarter. Victory Capital Management Inc.’s holdings in 8X8 were worth $123,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in EGHT. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of 8X8 by 0.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after buying an additional 4,145 shares during the last quarter. Intech Investment Management LLC purchased a new stake in 8X8 during the 3rd quarter worth about $49,000. Charles Schwab Investment Management Inc. increased its position in 8X8 by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock worth $2,731,000 after purchasing an additional 23,731 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in 8X8 during the 3rd quarter worth about $108,000. Finally, FMR LLC increased its position in 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after purchasing an additional 314,441 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.16 on Monday. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The company has a market capitalization of $284.46 million, a price-to-earnings ratio of -6.00, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The business has a 50 day simple moving average of $2.63 and a 200-day simple moving average of $2.51.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. As a group, equities research analysts expect that 8×8, Inc. will post 0.04 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Saturday. Barclays lifted their price objective on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Needham & Company LLC boosted their price target on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Finally, Rosenblatt Securities reduced their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.99.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total value of $223,000.00. Following the completion of the transaction, the insider now owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Laurence Denny sold 10,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the transaction, the insider now directly owns 233,791 shares of the company’s stock, valued at approximately $701,373. The trade was a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,000 shares of company stock worth $257,790 in the last three months. 1.22% of the stock is owned by insiders.

8X8 Company Profile

8×8, 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.