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

272 Capital LP cut its position in 8×8, Inc. (NASDAQ:EGHT) by 82.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 72,302 shares of the company’s stock after selling 351,056 shares during the period. 272 Capital LP owned about 0.06% of 8X8 worth $147,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in 8X8 during the 3rd quarter worth $30,000. Virtu Financial LLC bought a new stake in shares of 8X8 in the third quarter worth about $36,000. Sei Investments Co. acquired a new stake in shares of 8X8 during the second quarter worth about $44,000. XTX Topco Ltd acquired a new stake in shares of 8X8 during the second quarter worth about $49,000. Finally, Intech Investment Management LLC acquired a new position in shares of 8X8 in the 3rd quarter valued at approximately $49,000. 93.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on EGHT. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Barclays upped their target price on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Wells Fargo & Company boosted their price target on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Finally, Rosenblatt Securities decreased their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.79.

8X8 Stock Down 12.8 %

NASDAQ:EGHT 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 firm has a market capitalization of $355.40 million, a price-to-earnings ratio of -5.67, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. 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 stock’s 50 day moving average price is $2.58 and its two-hundred day moving average price is $2.36.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.02 earnings per share. Equities research analysts expect that 8×8, Inc. will post 0.01 earnings per share 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.