8×8 Inc $EGHT is Sylebra Capital LLC’s 9th Largest Position

Sylebra Capital LLC cut its stake in 8×8 Inc (NASDAQ:EGHT) by 22.5% in the first quarter, HoldingsChannel reports. The fund owned 8,908,503 shares of the company’s stock after selling 2,589,874 shares during the period. 8X8 accounts for approximately 1.9% of Sylebra Capital LLC’s investment portfolio, making the stock its 9th largest holding. Sylebra Capital LLC owned approximately 0.06% of 8X8 worth $14,788,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cetera Investment Advisers lifted its stake in shares of 8X8 by 9.4% in the 1st quarter. Cetera Investment Advisers now owns 48,053 shares of the company’s stock valued at $80,000 after purchasing an additional 4,144 shares during the period. Captrust Financial Advisors grew its position in 8X8 by 18.2% during the fourth quarter. Captrust Financial Advisors now owns 28,162 shares of the company’s stock valued at $55,000 after buying an additional 4,334 shares during the period. IHT Wealth Management LLC grew its position in 8X8 by 25.0% during the fourth quarter. IHT Wealth Management LLC now owns 25,000 shares of the company’s stock valued at $49,000 after buying an additional 5,000 shares during the period. Man Group plc increased its holdings in 8X8 by 5.2% in the third quarter. Man Group plc now owns 108,337 shares of the company’s stock valued at $230,000 after buying an additional 5,387 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in 8X8 by 2.4% in the fourth quarter. Invesco Ltd. now owns 339,374 shares of the company’s stock valued at $669,000 after buying an additional 7,976 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EGHT has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research report on Thursday, June 4th. Rosenblatt Securities raised their target price on 8X8 from $2.75 to $3.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Finally, Zacks Research lowered 8X8 from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $2.45.

Insider Transactions at 8X8

In other 8X8 news, Director Elizabeth Harriet Theophille sold 20,207 shares of 8X8 stock in a transaction on Monday, July 27th. The shares were sold at an average price of $1.81, for a total transaction of $36,574.67. Following the sale, the director owned 167,086 shares of the company’s stock, valued at $302,425.66. The trade was a 10.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.13% of the stock is currently owned by company insiders.

8X8 Stock Up 3.2%

Shares of EGHT opened at $1.91 on Wednesday. The stock has a 50 day moving average price of $1.92 and a 200 day moving average price of $2.01. 8×8 Inc has a one year low of $1.56 and a one year high of $2.88. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market capitalization of $270.80 million, a price-to-earnings ratio of 95.55, a PEG ratio of 1.34 and a beta of 1.84.

8X8 Company 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.