8×8, Inc. (NYSE:EGHT – Get Rating) saw a significant spike in short interest in July. As of July 31, there was short interest totaling 10,220,000 shares, an increase of 8.0% from July 15 of a total of 9,460,000 shares. Based on an average daily volume of 2,170,000 shares, the days-to-cover ratio is currently 4.7 days.
Insider Buying and Selling at 8X8
In other news from 8X8, SVP Matthew Zinn sold 5,961 shares of the company’s stock in a transaction that took place on Thursday, June 16th. The stock sold at an average price of $5.27 for a total value of $31,414.47. Following the completion of the sale, the senior vice president now owns 82,426 shares of the company, valued at $434,385.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC’s website. In related news, CEO David Sipes sold 20,399 shares of the company’s stock in a transaction that took place on Monday June 13th. The stock sold at an average price of $6.20 for a total transaction of $126,473.80. Upon completion of the transaction, the Chief Executive Officer now owns 532,718 shares of the Company, valued at $3,302,851.60. The sale was disclosed in a filing with the SEC available at this hyperlink. In addition, SVP Matthew Zinn sold 5,961 shares of the company’s stock in a transaction that took place on Thursday, June 16th. The shares sold at an average price of $5.27 for a total value of $31,414.47. Following the transaction, the senior vice president now owns 82,426 shares of the company, valued at approximately $434,385.02. The disclosure for this sale can be found here. Over the past 90 days, insiders sold 136,958 shares of the company’s stock for $756,200. 1.30% of the shares are currently owned by insiders.
Institutional inflows and outflows
A number of hedge funds and other institutional investors recently changed their holdings in the company. Vanguard Group Inc. increased its stake in 8X8 by 14.8% in the first quarter. Vanguard Group Inc. now owns 14,379,535 shares of the technology company’s stock valued at $181,039,000 after purchasing an additional 1,851,380 shares during the period. Sylebra Capital Ltd increased its position in 8X8 shares by 1.3% in the second quarter. Sylebra Capital Ltd now owns 14,191,872 shares of the technology company, valued at $73,088,000, after purchasing an additional 188,669 shares last quarter. Archon Capital Management LLC increased its position in 8X8 stock by 15.1% during the first quarter. Archon Capital Management LLC now owns 2,818,301 shares of the technology company’s stock valued at $35,482,000 after purchasing an additional 369,238 shares last quarter. Massachusetts Financial Services Co. MA increased its stake in 8X8 by 5.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,663,447 shares of the tech company, valued at $44,639,000, after buying another 134,761 shares last quarter. Finally, Geode Capital Management LLC increased its stake in 8X8 by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 1,848,395 shares of the technology company’s stock valued at $30,979,000 after purchasing an additional 43,729 shares last quarter. 92.37% of the shares are owned by institutional investors.
8X8 trade up 1.3%
NYSE EGHT opened at $5.43 on Wednesday. 8X8 has a 12-month low of $4.22 and a 12-month high of $25.99. The stock has a market cap of $651.38 million, a P/E of -3.96 and a beta of 1.27. The stock’s 50-day moving average price is $5.02 and its 200-day moving average price is $6.02. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 3.70.
8X8 (NYSE:EGHT – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The tech company reported earnings per share (EPS) of $0.14 for the quarter, beating analyst consensus estimates of $0.27 by $0.13. The company had revenue of $187.62 million for the quarter, compared to the consensus estimate of $186.54 million. 8X8 had a negative return on equity of 73.61% and a negative net margin of 23.25%. As a group, equity analysts are forecasting that 8X8 will post -0.7 EPS for the current fiscal year.
Wall Street analyst ponders
A number of equity analysts recently commented on the company. B. Riley lowered its price target on 8X8 to $10.00 from $13.50 in a report on Friday, July 29. Mizuho lowered its price target on 8X8 from $15.00 to $10.00 in a research note on Wednesday, May 11. Barclays lowered its price target on 8X8 to $6.00 from $10.00 and gave the stock an “equal weight” rating in a research note on Monday, July 25. Morgan Stanley lowered its price target on 8X8 to $6.50 from $11.00 and gave the stock an “Equal Weight” rating in a research note on Thursday, July 14. Finally, in a research note on Thursday, July 28, William Blair reiterated an “Outperform” rating on shares of 8X8. One research analyst has rated the stock with a sell rating, eight have given it a hold rating and six have given it a buy rating. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $11.54.
8X8 company profile
8×8, Inc provides enterprise-class voice, video, chat, contact center, and Application Programmable Interface (API) software-as-a-service solutions for small to medium-sized businesses, medium-sized and larger businesses, government agencies, and others organizations worldwide. The company offers unified communications, team collaboration, video conferencing, contact centers, data and analytics, communications APIs and other services.
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