272 Capital LP Sells 351,056 Shares of 8×8, Inc. (NASDAQ:EGHT)

272 Capital LP lessened its holdings in 8×8, Inc. (NASDAQ:EGHT) by 82.9% during the third quarter, Holdings Channel reports. The fund owned 72,302 shares of the company’s stock after selling 351,056 shares during the period. 272 Capital LP’s holdings in 8X8 were worth $147,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after buying an additional 4,255 shares during the last quarter. SG Americas Securities LLC bought a new stake in 8X8 in the 2nd quarter valued at $217,000. Dynamic Advisor Solutions LLC grew its holdings in 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 buying an additional 15,665 shares in the last quarter. Bank of New York Mellon Corp increased its position in 8X8 by 10.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 558,234 shares of the company’s stock worth $1,239,000 after buying an additional 52,371 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of 8X8 by 2,383.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 48,518 shares of the company’s stock worth $108,000 after buying an additional 46,564 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Wedbush upgraded 8X8 to a “hold” rating in a research note on Thursday, October 17th. Rosenblatt Securities reduced their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. B. Riley reaffirmed a “buy” rating and set a $4.00 price target (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $2.75 to $2.50 in a research note on Friday. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.79.

8X8 Trading Down 12.8 %

Shares of EGHT stock opened at $2.72 on Friday. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.92. The stock’s fifty day simple moving average is $2.58 and its 200 day simple moving average is $2.36. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a market capitalization of $355.40 million, a P/E ratio of -5.67, a P/E/G ratio of 26.98 and a beta of 1.63.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company earned $0.02 EPS. As a group, sell-side analysts predict that 8×8, Inc. will post 0.01 EPS for the current fiscal year.

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.