8×8 Inc $EGHT Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP lowered its holdings in 8×8 Inc (NASDAQ:EGHT) by 26.1% in the first quarter, HoldingsChannel reports. The firm owned 3,835,364 shares of the company’s stock after selling 1,352,184 shares during the quarter. Invenomic Capital Management LP’s holdings in 8X8 were worth $7,671,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 8X8 by 14.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company’s stock valued at $195,000 after purchasing an additional 9,093 shares in the last quarter. Hsbc Holdings PLC grew its holdings in 8X8 by 12.9% during the 4th quarter. Hsbc Holdings PLC now owns 85,321 shares of the company’s stock worth $232,000 after acquiring an additional 9,723 shares in the last quarter. Cerity Partners LLC increased its holdings in 8X8 by 34.8% in the first quarter. Cerity Partners LLC now owns 38,068 shares of the company’s stock valued at $76,000 after buying an additional 9,829 shares during the last quarter. Captrust Financial Advisors purchased a new position in 8X8 in the fourth quarter valued at $30,000. Finally, ProShare Advisors LLC increased its holdings in 8X8 by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 36,000 shares of the company’s stock valued at $96,000 after buying an additional 11,846 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Stock Performance

Shares of EGHT opened at $1.97 on Friday. The company has a 50-day simple moving average of $1.96 and a 200-day simple moving average of $1.95. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. The company has a market capitalization of $268.65 million, a PE ratio of -12.31, a P/E/G ratio of 2.16 and a beta of 1.87. 8×8 Inc has a 52-week low of $1.52 and a 52-week high of $3.52.

Insider Activity

In other 8X8 news, Director Elizabeth Harriet Theophille sold 24,271 shares of the firm’s stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $2.05, for a total transaction of $49,755.55. Following the sale, the director directly owned 187,293 shares of the company’s stock, valued at $383,950.65. This trade represents a 11.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Sylebra Capital Llc sold 103,826 shares of the firm’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the sale, the insider directly owned 13,781,823 shares in the company, valued at $24,669,463.17. This represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 334,741 shares of company stock worth $615,895 over the last ninety days. 2.01% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on EGHT. B. Riley reissued a “buy” rating and issued a $3.00 price target (down from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Rosenblatt Securities reissued a “buy” rating and issued a $2.50 price target on shares of 8X8 in a research report on Thursday, August 21st. Morgan Stanley set a $1.90 price target on shares of 8X8 in a research report on Friday, August 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, August 30th. Finally, Wall Street Zen cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, 8X8 has a consensus rating of “Hold” and a consensus price target of $2.49.

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.