8×8, Inc. (NASDAQ:EGHT) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. reduced its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 862,193 shares of the company’s stock after selling 44,846 shares during the period. Federated Hermes Inc.’s holdings in 8X8 were worth $3,259,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Sylebra Capital LLC bought a new stake in shares of 8X8 in the third quarter worth $36,261,000. Aigen Investment Management LP bought a new stake in shares of 8X8 in the third quarter worth $63,000. DekaBank Deutsche Girozentrale bought a new stake in shares of 8X8 in the third quarter worth $65,000. Bank of New York Mellon Corp increased its stake in shares of 8X8 by 210.4% in the third 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, SG Americas Securities LLC increased its stake in shares of 8X8 by 47.5% in the fourth quarter. SG Americas Securities LLC now owns 28,186 shares of the company’s stock worth $107,000 after buying an additional 9,074 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EGHT has been the subject of a number of research analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research note on Monday, March 18th. Morgan Stanley dropped their price target on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of 8X8 in a research note on Thursday, February 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3.68.

8X8 Stock Down 2.2 %

EGHT stock opened at $2.27 on Friday. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. 8×8, Inc. has a 1-year low of $2.12 and a 1-year high of $4.88. The firm has a fifty day moving average price of $2.59 and a two-hundred day moving average price of $2.94. The firm has a market cap of $280.16 million, a price-to-earnings ratio of -5.16 and a beta of 1.46.

Insider Buying and Selling at 8X8

In other news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction dated 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 $2,719,286.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 32,289 shares of company stock worth $81,979 over the last 90 days. Insiders own 1.08% of the company’s stock.

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 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.