8×8, Inc. (NASDAQ:EGHT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 81.7% during the third quarter, according to its most recent 13F filing with the Securities and 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 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in EGHT. B. Riley Financial Inc. acquired a new position in shares of 8X8 in the 3rd quarter valued at $1,997,000. First Eagle Investment Management LLC increased its position in shares of 8X8 by 105.1% during the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after purchasing an additional 576,418 shares in the last quarter. Invenomic Capital Management LP raised its position in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares during the last quarter. FMR LLC lifted its stake in shares of 8X8 by 24.5% in the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after acquiring an additional 237,181 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Down 1.9 %

Shares of NASDAQ:EGHT opened at $2.65 on Wednesday. The company has a market capitalization of $346.25 million, a price-to-earnings ratio of -4.82, a PEG ratio of 26.98 and a beta of 1.66. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.78. The business has a 50-day moving average price of $2.83 and a 200 day moving average price of $2.39. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. During the same period in the prior year, the firm earned $0.02 earnings per share. The firm’s revenue was down 2.2% compared to the same quarter last year. Sell-side analysts expect that 8×8, Inc. will post 0.01 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on EGHT shares. B. Riley reiterated a “buy” rating and issued a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and cut their price target for the company from $2.75 to $2.50 in a report on Friday, December 13th. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Barclays raised their target price on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities lowered their price target on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Monday, October 28th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, 8X8 currently has an average rating of “Hold” and a consensus target price of $2.87.

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.