Principal Financial Group Inc. Sells 152,448 Shares of 8×8, Inc. (NASDAQ:EGHT)

Principal Financial Group Inc. decreased its position in 8×8, Inc. (NASDAQ:EGHT) by 81.7% during the third quarter, Holdings Channel reports. The fund owned 34,156 shares of the company’s stock after selling 152,448 shares during the period. Principal Financial Group Inc.’s holdings in 8X8 were worth $70,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of EGHT. Wealth Enhancement Advisory Services LLC bought a new stake in shares of 8X8 during the 3rd quarter valued at $30,000. Sei Investments Co. purchased a new position in 8X8 during the second quarter valued at $44,000. XTX Topco Ltd bought a new stake in 8X8 during the second quarter valued at about $49,000. Sanctuary Advisors LLC purchased a new stake in 8X8 in the second quarter worth about $77,000. Finally, Dynamic Advisor Solutions LLC raised its stake in shares of 8X8 by 83.1% in the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after buying an additional 15,665 shares during the period. 93.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on EGHT shares. Needham & Company LLC lowered their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Wells Fargo & Company upped their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Rosenblatt Securities decreased their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Wedbush raised 8X8 to a “hold” rating in a report on Thursday, October 17th. Finally, Barclays increased their price objective on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $2.82.

8X8 Stock Performance

Shares of 8X8 stock opened at $3.16 on Wednesday. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.92. The stock’s fifty day moving average price is $2.30 and its 200-day moving average price is $2.32. The firm has a market cap of $412.89 million, a P/E ratio of -5.75, a P/E/G ratio of 26.12 and a beta of 1.54. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The business had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same period in the prior year, the firm posted $0.02 earnings per share. The company’s quarterly revenue was down 2.2% on a year-over-year basis. On average, equities research analysts expect that 8×8, Inc. will post 0.01 earnings per share for the current fiscal year.

8X8 Company 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.