8×8, Inc. (NASDAQ:EGHT) Short Interest Down 6.5% in March

8×8, Inc. (NASDAQ:EGHT) saw a large decline in short interest in March. As of March 31st, there was short interest totalling 15,080,000 shares, a decline of 6.5% from the March 15th total of 16,120,000 shares. Based on an average trading volume of 1,520,000 shares, the short-interest ratio is currently 9.9 days.

Insiders Place Their Bets

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the business’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 transaction of $36,548.40. Following the completion of the transaction, the chief executive officer now owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 32,289 shares of company stock worth $81,979 in the last 90 days. Corporate insiders own 1.08% of the company’s stock.

Institutional Trading of 8X8

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sylebra Capital LLC purchased a new position in 8X8 during the 3rd quarter worth $36,261,000. Vanguard Group Inc. raised its position in 8X8 by 16.8% during the 3rd quarter. Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock worth $66,311,000 after buying an additional 2,763,997 shares during the last quarter. Kent Lake Capital LLC purchased a new position in 8X8 during the 4th quarter worth $10,395,000. Bank of New York Mellon Corp raised its position in 8X8 by 210.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company’s stock worth $7,524,000 after buying an additional 2,024,020 shares during the last quarter. Finally, Millennium Management LLC raised its position in 8X8 by 1,632.4% during the 2nd quarter. Millennium Management LLC now owns 1,195,098 shares of the company’s stock worth $6,155,000 after buying an additional 1,126,111 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Down 2.6 %

EGHT stock opened at $2.23 on Thursday. The company has a fifty day moving average price of $2.66 and a 200 day moving average price of $2.95. 8X8 has a 12 month low of $2.15 and a 12 month high of $4.88. The company has a market cap of $275.23 million, a price-to-earnings ratio of -5.07 and a beta of 1.46. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31.

Analysts Set New Price Targets

Several analysts have recently weighed in on EGHT shares. Needham & Company LLC restated a “buy” rating and set a $5.00 price objective on shares of 8X8 in a research report on Thursday, February 1st. Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research report on Monday, March 18th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, 8X8 presently has a consensus rating of “Moderate Buy” and an average price target of $3.72.

About 8X8

8×8, 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 8×8 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; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.