Whetstone Capital Advisors LLC cut its holdings in shares of 8×8, Inc. (NYSE:EGHT) by 63.3% in the 1st quarter, Holdings Channel reports. The firm owned 200,269 shares of the technology company’s stock after selling 345,355 shares during the period. 8X8 accounts for about 1.4% of Whetstone Capital Advisors LLC’s holdings, making the stock its 22nd largest position. Whetstone Capital Advisors LLC’s holdings in 8X8 were worth $6,497,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its stake in 8X8 by 65.5% during the fourth quarter. Alliancebernstein L.P. now owns 267,070 shares of the technology company’s stock worth $9,206,000 after purchasing an additional 105,700 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of 8X8 by 77.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 32,340 shares of the technology company’s stock worth $1,115,000 after buying an additional 14,140 shares in the last quarter. ExodusPoint Capital Management LP increased its holdings in shares of 8X8 by 68.9% during the fourth quarter. ExodusPoint Capital Management LP now owns 272,237 shares of the technology company’s stock worth $9,384,000 after buying an additional 111,053 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of 8X8 by 178.6% during the fourth quarter. Hsbc Holdings PLC now owns 76,829 shares of the technology company’s stock worth $2,674,000 after buying an additional 49,251 shares in the last quarter. Finally, Encompass Wealth Advisors LLC acquired a new position in shares of 8X8 during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 97.30% of the company’s stock.
Shares of EGHT stock traded up $0.66 on Friday, reaching $26.42. 24,922 shares of the company were exchanged, compared to its average volume of 1,538,790. The stock has a market capitalization of $2.90 billion, a P/E ratio of -16.71 and a beta of 1.11. The firm has a 50-day simple moving average of $28.65. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 1.92. 8×8, Inc. has a one year low of $13.69 and a one year high of $39.17.
A number of analysts recently weighed in on EGHT shares. B. Riley restated a “neutral” rating and issued a $25.00 price objective (down from $32.50) on shares of 8X8 in a report on Tuesday, May 11th. Morgan Stanley decreased their price objective on 8X8 from $35.00 to $30.00 and set an “equal weight” rating for the company in a report on Friday, May 14th. Zacks Investment Research upgraded 8X8 from a “sell” rating to a “hold” rating in a report on Monday, May 24th. Craig Hallum restated a “hold” rating on shares of 8X8 in a report on Monday, May 17th. Finally, Bank of America started coverage on 8X8 in a report on Tuesday, April 20th. They issued a “neutral” rating and a $39.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $31.21.
In other 8X8 news, CEO David Sipes purchased 43,000 shares of the company’s stock in a transaction that occurred on Monday, June 7th. The shares were acquired at an average price of $23.47 per share, with a total value of $1,009,210.00. Following the transaction, the chief executive officer now owns 518,728 shares in the company, valued at $12,174,546.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Steve Seger sold 4,402 shares of the stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $33.53, for a total transaction of $147,599.06. Following the completion of the sale, the executive vice president now owns 95,720 shares of the company’s stock, valued at approximately $3,209,491.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,741 shares of company stock worth $416,421. 3.00% of the stock is owned by insiders.
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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.
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