Bank of New York Mellon Corp Sells 5,346 Shares of 8×8, Inc. (NASDAQ:EGHT)

Bank of New York Mellon Corp lowered its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 1.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 460,888 shares of the company’s stock after selling 5,346 shares during the period. Bank of New York Mellon Corp owned 0.35% of 8X8 worth $1,231,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. raised its stake in shares of 8X8 by 138.2% in the third quarter. Victory Capital Management Inc. now owns 76,273 shares of the company’s stock valued at $156,000 after buying an additional 44,255 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in 8X8 by 0.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after acquiring an additional 4,145 shares during the last quarter. Intech Investment Management LLC bought a new stake in 8X8 in the 3rd quarter valued at about $49,000. Charles Schwab Investment Management Inc. lifted its holdings in 8X8 by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after purchasing an additional 23,731 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in 8X8 during the third quarter worth about $108,000. Institutional investors own 93.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Morgan Stanley raised their price target on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Barclays raised their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a report on Saturday. Needham & Company LLC boosted their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.99.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the completion of the transaction, the insider now owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This trade represents a 0.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares in the company, valued at approximately $701,373. This represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,000 shares of company stock worth $257,790 over the last quarter. Insiders own 1.22% of the company’s stock.

8X8 Price Performance

Shares of 8X8 stock opened at $2.16 on Monday. The stock has a market cap of $284.46 million, a P/E ratio of -6.00, a P/E/G ratio of 6.08 and a beta of 1.78. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The stock’s fifty day moving average is $2.63 and its 200 day moving average is $2.51. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.52.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. Sell-side analysts anticipate that 8×8, Inc. will post 0.04 earnings per share for the current year.

About 8X8

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.