8×8, Inc. (NASDAQ:EGHT) Short Interest Update

8×8, Inc. (NASDAQ:EGHT) saw a significant drop in short interest in May. As of May 15th, there was short interest totalling 5,490,000 shares, a drop of 12.3% from the April 30th total of 6,260,000 shares. Based on an average daily volume of 1,250,000 shares, the short-interest ratio is currently 4.4 days. Currently, 4.2% of the company’s stock are sold short.

Insider Activity at 8X8

In related news, major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $2.23, for a total transaction of $226,741.94. Following the transaction, the insider now directly owns 14,085,649 shares of the company’s stock, valued at $31,410,997.27. This trade represents a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 254,678 shares of company stock valued at $562,412 over the last ninety days. Corporate insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On 8X8

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of 8X8 by 3.1% in the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company’s stock worth $26,019,000 after purchasing an additional 393,478 shares in the last quarter. Boston Partners increased its stake in shares of 8X8 by 3.9% in the fourth quarter. Boston Partners now owns 6,644,856 shares of the company’s stock worth $17,742,000 after purchasing an additional 252,083 shares in the last quarter. Bank of America Corp DE grew its stake in 8X8 by 7.0% during the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company’s stock valued at $10,133,000 after acquiring an additional 249,798 shares in the last quarter. Geode Capital Management LLC grew its stake in 8X8 by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company’s stock valued at $8,077,000 after acquiring an additional 41,929 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in 8X8 by 60.7% during the first quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company’s stock valued at $5,201,000 after acquiring an additional 982,342 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on EGHT. Wall Street Zen lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 29th. B. Riley reaffirmed a “buy” rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, May 24th. 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 Tuesday, April 22nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.70 price objective on shares of 8X8 in a research report on Tuesday, May 20th. 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 company. According to MarketBeat, 8X8 currently has a consensus rating of “Hold” and an average price target of $2.51.

8X8 Price Performance

EGHT opened at $1.77 on Friday. The company has a market capitalization of $238.03 million, a price-to-earnings ratio of -4.92, a PEG ratio of 6.08 and a beta of 1.79. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The firm has a 50-day moving average price of $1.74 and a 200-day moving average price of $2.37. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52.

8X8 Company Profile

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.