Russell Investments Group Ltd. Has $3.50 Million Stock Position in 8×8 Inc $EGHT

Russell Investments Group Ltd. cut its stake in 8×8 Inc (NASDAQ:EGHT) by 57.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,751,433 shares of the company’s stock after selling 2,412,443 shares during the quarter. Russell Investments Group Ltd. owned 1.33% of 8X8 worth $3,503,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Nuveen LLC purchased a new stake in shares of 8X8 in the first quarter worth approximately $639,000. Invesco Ltd. raised its stake in shares of 8X8 by 33.3% in the first quarter. Invesco Ltd. now owns 355,571 shares of the company’s stock worth $711,000 after purchasing an additional 88,911 shares during the last quarter. National Bank of Canada FI purchased a new stake in shares of 8X8 in the first quarter worth approximately $26,000. Technology Crossover Management VIII Ltd. purchased a new stake in shares of 8X8 in the first quarter worth approximately $102,000. Finally, Vanguard Group Inc. raised its stake in shares of 8X8 by 3.1% in the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company’s stock worth $26,019,000 after purchasing an additional 393,478 shares during the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at 8X8

In other 8X8 news, Director Elizabeth Harriet Theophille sold 24,271 shares of the stock in a transaction on Monday, July 28th. The stock was 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 of the company’s stock, valued at approximately $383,950.65. This represents a 11.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total value of $368,000.00. Following the transaction, the insider directly owned 13,885,649 shares of the company’s stock, valued at approximately $25,549,594.16. This trade represents a 1.42% 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 owned by corporate insiders.

Analysts Set New Price Targets

EGHT has been the subject of several analyst reports. B. Riley reissued a “buy” rating and issued a $3.00 price objective (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Rosenblatt Securities reissued a “buy” rating and issued a $2.50 price objective on shares of 8X8 in a research note on Thursday. Wall Street Zen lowered 8X8 from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a report on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.49.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $1.96 on Friday. The stock has a fifty day simple moving average of $1.93 and a two-hundred day simple moving average of $2.01. 8×8 Inc has a 1-year low of $1.52 and a 1-year high of $3.52. The firm has a market cap of $267.29 million, a price-to-earnings ratio of -12.25, a price-to-earnings-growth ratio of 2.10 and a beta of 1.85. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 2.56.

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.