S Squared Technology LLC lessened its stake in shares of 8×8 Inc (NASDAQ:EGHT – Free Report) by 34.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 934,236 shares of the company’s stock after selling 484,806 shares during the period. S Squared Technology LLC’s holdings in 8X8 were worth $1,840,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Prelude Capital Management LLC bought a new position in 8X8 during the 3rd quarter worth $26,000. CIBC Bancorp USA Inc. bought a new position in 8X8 during the 3rd quarter worth $30,000. Schonfeld Strategic Advisors LLC bought a new position in 8X8 during the 3rd quarter worth $31,000. Headlands Technologies LLC bought a new position in 8X8 during the 4th quarter worth $37,000. Finally, Abacus Wealth Partners LLC bought a new position in 8X8 during the 4th quarter worth $45,000. Institutional investors own 93.99% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have commented on EGHT shares. Rosenblatt Securities raised their price objective on 8X8 from $2.75 to $3.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. Weiss Ratings upgraded 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research note on Thursday, June 4th. Finally, Zacks Research lowered 8X8 from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.45.
8X8 Stock Performance
Shares of 8X8 stock opened at $1.78 on Monday. 8×8 Inc has a fifty-two week low of $1.57 and a fifty-two week high of $2.88. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $251.32 million, a P/E ratio of 89.04, a P/E/G ratio of 1.29 and a beta of 1.83. The company’s 50 day moving average price is $2.06 and its two-hundred day moving average price is $2.05.
8X8 Profile
8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.
Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.
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