Principal Financial Group Inc. Sells 152,448 Shares of 8×8, Inc. (NASDAQ:EGHT)

Principal Financial Group Inc. decreased its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 81.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,156 shares of the company’s stock after selling 152,448 shares during the quarter. Principal Financial Group Inc.’s holdings in 8X8 were worth $70,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new position in 8X8 during the 3rd quarter valued at about $30,000. Sei Investments Co. purchased a new position in shares of 8X8 during the second quarter valued at approximately $44,000. XTX Topco Ltd purchased a new position in shares of 8X8 during the second quarter valued at approximately $49,000. Dynamic Advisor Solutions LLC grew its holdings in 8X8 by 83.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after buying an additional 15,665 shares in the last quarter. Finally, Williams & Novak LLC purchased a new stake in 8X8 in the 2nd quarter valued at $77,000. 93.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th. Mizuho upped their price objective on 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Barclays raised their target price on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.82.

8X8 Trading Down 0.6 %

NASDAQ:EGHT opened at $3.16 on Wednesday. The firm has a market capitalization of $412.89 million, a P/E ratio of -5.75, a PEG ratio of 26.12 and a beta of 1.54. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.92. The company’s 50-day simple moving average is $2.30 and its 200 day simple moving average is $2.32.

8X8 (NASDAQ:EGHT) last released its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same period in the previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, analysts forecast that 8×8, Inc. will post 0.01 EPS for the current fiscal year.

About 8X8

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.