SG Americas Securities LLC Has $439,000 Stock Position in 8×8, Inc. (NYSE:EGHT)

SG Americas Securities LLC lowered its stake in 8×8, Inc. (NYSE:EGHTGet Rating) by 47.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 34,834 shares of the technology company’s stock after selling 31,840 shares during the period. SG Americas Securities LLC’s holdings in 8X8 were worth $439,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in EGHT. TownSquare Capital LLC acquired a new stake in 8X8 in the 1st quarter valued at $267,000. Kornitzer Capital Management Inc. KS lifted its position in shares of 8X8 by 11.4% during the first quarter. Kornitzer Capital Management Inc. KS now owns 175,900 shares of the technology company’s stock worth $2,215,000 after acquiring an additional 18,000 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of 8X8 by 4.2% in the first quarter. Louisiana State Employees Retirement System now owns 57,500 shares of the technology company’s stock worth $598,000 after purchasing an additional 2,300 shares during the period. Inspire Investing LLC bought a new position in 8X8 in the first quarter valued at $277,000. Finally, State of Alaska Department of Revenue grew its stake in shares of 8X8 by 2.3% during the first quarter. State of Alaska Department of Revenue now owns 82,544 shares of the technology company’s stock valued at $1,039,000 after buying an additional 1,865 shares during the last quarter. 92.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on EGHT. BTIG Research lowered shares of 8X8 from a “buy” rating to a “neutral” rating in a report on Thursday, July 28th. Needham & Company LLC reduced their price target on shares of 8X8 from $13.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Barclays cut their target price on shares of 8X8 from $10.00 to $6.00 and set an “equal weight” rating for the company in a research report on Monday, July 25th. William Blair restated an “outperform” rating on shares of 8X8 in a research note on Thursday, July 28th. Finally, Oppenheimer downgraded shares of 8X8 from an “outperform” rating to a “market perform” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $11.54.

Insider Buying and Selling at 8X8

In related news, SVP Matthew Zinn sold 3,763 shares of 8X8 stock in a transaction dated Sunday, May 15th. The stock was sold at an average price of $7.94, for a total value of $29,878.22. Following the completion of the transaction, the senior vice president now directly owns 85,323 shares in the company, valued at $677,464.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Hunter Middleton sold 9,250 shares of the business’s stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $5.27, for a total transaction of $48,747.50. Following the transaction, the insider now directly owns 55,845 shares in the company, valued at approximately $294,303.15. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Matthew Zinn sold 3,763 shares of the business’s stock in a transaction on Sunday, May 15th. The stock was sold at an average price of $7.94, for a total transaction of $29,878.22. Following the transaction, the senior vice president now directly owns 85,323 shares of the company’s stock, valued at approximately $677,464.62. The disclosure for this sale can be found here. Insiders have sold 171,551 shares of company stock valued at $1,031,834 over the last three months. 2.20% of the stock is owned by company insiders.

8X8 Trading Up 3.0 %

NYSE EGHT opened at $4.49 on Friday. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 3.76. The firm has a 50-day moving average price of $5.64 and a 200 day moving average price of $9.55. 8×8, Inc. has a 52-week low of $4.22 and a 52-week high of $25.99. The stock has a market capitalization of $538.64 million, a P/E ratio of -2.84 and a beta of 1.10.

8X8 (NYSE:EGHTGet Rating) last announced its earnings results on Wednesday, July 27th. The technology company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.06. The firm had revenue of $187.60 million for the quarter, compared to analysts’ expectations of $186.79 million. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. 8X8’s quarterly revenue was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.34) EPS. Equities research analysts expect that 8×8, Inc. will post -1.24 EPS for the current year.

About 8X8

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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. The company offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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Want to see what other hedge funds are holding EGHT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 8×8, Inc. (NYSE:EGHTGet Rating).

Institutional Ownership by Quarter for 8X8 (NYSE:EGHT)

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