SG Americas Securities LLC Sells 77,305 Shares of 8×8, Inc. (NASDAQ:EGHT)

SG Americas Securities LLC reduced its stake in 8×8, Inc. (NASDAQ:EGHT – Get Rating) by 66.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,958 shares of the company’s stock after selling 77,305 shares during the quarter. SG Americas Securities LLC’s holdings in 8X8 were worth $168,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EGHT. First Trust Advisors LP increased its stake in 8X8 by 10.4% in the first quarter. First Trust Advisors LP now owns 24,019 shares of the company’s stock valued at $302,000 after acquiring an additional 2,268 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in 8X8 by 11.1% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 23,911 shares of the company’s stock valued at $82,000 after acquiring an additional 2,390 shares during the last quarter. Inspire Advisors LLC boosted its holdings in 8X8 by 15.5% in the fourth quarter. Inspire Advisors LLC now owns 19,583 shares of the company’s stock worth $85,000 after acquiring an additional 2,624 shares in the last quarter. Prudential Financial Inc. lifted its stake in shares of 8X8 by 2.2% in the first quarter. Prudential Financial Inc. now owns 123,113 shares of the company’s stock valued at $1,550,000 after buying an additional 2,630 shares in the last quarter. Finally, Captrust Financial Advisors lifted its holdings in shares of 8X8 by 832.8% in the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock valued at $38,000 after purchasing an additional 2,665 shares in the last quarter. 94.22% of the stock is owned by institutional investors.

8X8 Trading Down 3.4 %

Shares of 8X8 stock opened at $3.11 on Friday. The company’s fifty day simple moving average is $3.60 and its 200-day simple moving average is $4.63. The stock has a market capitalization of $351.58 million, a PE ratio of -3.31 and a beta of 1.28. 8×8, Inc. has a 1-year low of $2.50 and a 1-year high of $8.33. The company has a debt-to-equity ratio of 5.51, a current ratio of 1.55 and a quick ratio of 1.55.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on EGHT shares. Needham & Company LLC lifted their price target on 8X8 from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, February 2nd. Wells Fargo & Company decreased their target price on shares of 8X8 from $4.50 to $3.00 in a report on Friday. Barclays dropped their target price on 8X8 from $5.00 to $4.00 in a research report on Friday. Roth Capital reaffirmed a “neutral” rating on shares of 8X8 in a research note on Thursday, February 2nd. Finally, StockNews.com started coverage on 8X8 in a research report on Thursday, March 16th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.16.

Insider Buying and Selling

In other 8X8 news, insider Samuel C. Wilson sold 34,703 shares of the stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $4.83, for a total transaction of $167,615.49. Following the completion of the transaction, the insider now owns 752,350 shares of the company’s stock, valued at approximately $3,633,850.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 42,981 shares of company stock valued at $200,204. Company insiders own 1.30% of the company’s stock.

8X8 Company Profile

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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.