8×8, Inc. (NASDAQ:EGHT) Shares Sold by 272 Capital LP

272 Capital LP lessened its stake in 8×8, Inc. (NASDAQ:EGHT) by 69.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 423,358 shares of the company’s stock after selling 947,567 shares during the period. 272 Capital LP owned 0.34% of 8X8 worth $940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its holdings in shares of 8X8 by 36.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after purchasing an additional 4,670 shares during the last quarter. Sei Investments Co. acquired a new stake in shares of 8X8 in the second quarter valued at approximately $44,000. XTX Topco Ltd acquired a new stake in shares of 8X8 in the second quarter valued at approximately $49,000. Williams & Novak LLC purchased a new position in shares of 8X8 during the second quarter worth approximately $77,000. Finally, Dynamic Advisor Solutions LLC increased its holdings in shares of 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after acquiring an additional 15,665 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Up 2.1 %

Shares of EGHT opened at $1.93 on Tuesday. The firm’s 50-day moving average is $2.20 and its two-hundred day moving average is $2.38. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.92. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93. The firm has a market capitalization of $241.98 million, a P/E ratio of -3.51 and a beta of 1.55.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.04) earnings per share. On average, research analysts predict that 8×8, Inc. will post -0.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Wells Fargo & Company lowered their price objective on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Friday, June 21st. Barclays decreased their target price on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Morgan Stanley cut 8X8 from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $3.00 to $2.00 in a research report on Friday, June 14th. Needham & Company LLC decreased their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 target price on shares of 8X8 in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.83.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.