PNC Financial Services Group Inc. Has $98,000 Stock Position in 8×8 Inc $EGHT

PNC Financial Services Group Inc. cut its position in 8×8 Inc (NASDAQ:EGHT) by 18.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,013 shares of the company’s stock after selling 10,858 shares during the period. PNC Financial Services Group Inc.’s holdings in 8X8 were worth $98,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in EGHT. Captrust Financial Advisors acquired a new position in shares of 8X8 in the 4th quarter worth approximately $30,000. Bayesian Capital Management LP acquired a new stake in 8X8 during the 4th quarter valued at $43,000. Mercer Global Advisors Inc. ADV bought a new position in 8X8 in the 4th quarter valued at $51,000. Cerity Partners LLC raised its position in 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock valued at $73,000 after purchasing an additional 2,983 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in 8X8 by 89.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company’s stock worth $75,000 after purchasing an additional 13,184 shares in the last quarter. 93.99% of the stock is owned by institutional investors.

8X8 Price Performance

Shares of EGHT stock opened at $1.82 on Thursday. The firm has a market cap of $248.19 million, a price-to-earnings ratio of -11.38, a PEG ratio of 2.01 and a beta of 1.85. 8×8 Inc has a 12 month low of $1.52 and a 12 month high of $3.52. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. The stock has a 50-day moving average price of $1.93 and a 200 day moving average price of $2.03.

Insider Buying and Selling

In related news, major shareholder Sylebra Capital Llc sold 103,826 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $1.79, for a total transaction of $185,848.54. Following the completion of the sale, the insider directly owned 13,781,823 shares of the company’s stock, valued at $24,669,463.17. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Elizabeth Harriet Theophille sold 24,271 shares of the firm’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $2.05, for a total transaction of $49,755.55. Following the completion of the transaction, the director directly owned 187,293 shares in the company, valued at approximately $383,950.65. The trade was a 11.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 334,741 shares of company stock valued at $615,895. 2.01% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on EGHT shares. Wall Street Zen lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. B. Riley reissued a “buy” rating and set a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research note on Thursday, August 14th. Finally, Rosenblatt Securities reduced their target price on shares of 8X8 from $2.70 to $2.50 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, 8X8 has a consensus rating of “Hold” and an average target price of $2.49.

About 8X8

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.