Allspring Global Investments Holdings LLC Sells 25,657 Shares of 8×8, Inc. (NASDAQ:EGHT)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 46.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 29,367 shares of the company’s stock after selling 25,657 shares during the period. Allspring Global Investments Holdings LLC’s holdings in 8X8 were worth $111,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Sylebra Capital LLC bought a new position in 8X8 in the 3rd quarter valued at $36,261,000. Aigen Investment Management LP purchased a new position in shares of 8X8 in the 3rd quarter worth about $63,000. DekaBank Deutsche Girozentrale bought a new position in 8X8 during the third quarter valued at about $65,000. Bank of New York Mellon Corp increased its holdings in 8X8 by 210.4% during 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 holdings in 8X8 by 47.5% during 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 currently owned by institutional investors.

8X8 Price Performance

EGHT opened at $2.27 on Monday. The stock has a market capitalization of $280.16 million, a P/E ratio of -5.16 and a beta of 1.46. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73. 8×8, Inc. has a 12-month low of $2.12 and a 12-month high of $4.88. The stock has a 50-day moving average price of $2.59 and a 200-day moving average price of $2.95.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EGHT. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 target price on shares of 8X8 in a research note on Thursday, February 1st. Morgan Stanley cut their price target on 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, Rosenblatt Securities restated a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a research note on Monday, March 18th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $3.68.

Insiders Place Their Bets

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of 8X8 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 transaction, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 32,289 shares of company stock valued at $81,979 over the last quarter. 1.08% of the stock is owned by corporate insiders.

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.