Vanguard Group Inc. Has $33.69 Million Stock Position in 8×8, Inc. (NASDAQ:EGHT)

Vanguard Group Inc. lessened its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,615,993 shares of the company’s stock after selling 307,475 shares during the quarter. Vanguard Group Inc. owned approximately 9.58% of 8X8 worth $33,685,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Boston Partners grew its position in 8X8 by 3.9% during the 4th quarter. Boston Partners now owns 6,644,856 shares of the company’s stock worth $17,742,000 after acquiring an additional 252,083 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after purchasing an additional 237,181 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 8X8 by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company’s stock worth $3,788,000 after purchasing an additional 80,042 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of 8X8 by 17.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company’s stock valued at $2,131,000 after buying an additional 118,686 shares during the period. Finally, American Century Companies Inc. boosted its position in 8X8 by 12.6% during the 4th quarter. American Century Companies Inc. now owns 218,401 shares of the company’s stock worth $583,000 after buying an additional 24,426 shares during the period. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EGHT has been the subject of several recent research reports. Rosenblatt Securities decreased their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday, February 3rd. Morgan Stanley raised their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research report on Tuesday, April 8th. Finally, Barclays upped their target price on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, 8X8 presently has an average rating of “Hold” and an average target price of $2.99.

8X8 Price Performance

8X8 stock opened at $1.64 on Monday. The stock has a market capitalization of $215.98 million, a price-to-earnings ratio of -4.56, a PEG ratio of 6.08 and a beta of 1.81. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.52. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The stock’s 50 day moving average price is $2.35 and its two-hundred day moving average price is $2.51.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, equities analysts predict that 8×8, Inc. will post 0.04 earnings per share for the current year.

Insider Transactions at 8X8

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total transaction of $223,000.00. Following the transaction, the insider now directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the sale, the insider now directly owns 233,791 shares of the company’s stock, valued at $701,373. This trade represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 263,678 shares of company stock valued at $591,532 in the last 90 days. 1.22% of the stock is currently owned by corporate 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.