SG Americas Securities LLC Sells 53,732 Shares of 8×8, Inc. (NASDAQ:EGHT)

SG Americas Securities LLC lessened its holdings in 8×8, Inc. (NASDAQ:EGHT) by 55.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,791 shares of the company’s stock after selling 53,732 shares during the period. SG Americas Securities LLC’s holdings in 8X8 were worth $89,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new stake in shares of 8X8 in the 1st quarter valued at about $732,000. Vanguard Group Inc. lifted its position in 8X8 by 5.2% during the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after purchasing an additional 561,436 shares during the last quarter. Boston Partners grew its stake in 8X8 by 473.2% in the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after buying an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of 8X8 by 188.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after buying an additional 1,279,145 shares during the last quarter. Finally, First Eagle Investment Management LLC bought a new position in shares of 8X8 in the 1st quarter worth $1,482,000. Institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

Shares of 8X8 stock opened at $2.04 on Tuesday. The company has a debt-to-equity ratio of 3.93, a current ratio of 1.50 and a quick ratio of 1.50. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.92. The business’s 50 day simple moving average is $1.92 and its two-hundred day simple moving average is $2.26. The stock has a market capitalization of $261.79 million, a P/E ratio of -4.08 and a beta of 1.56.

8X8 (NASDAQ:EGHT) last issued its earnings results on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.04) earnings per share. Analysts forecast that 8×8, Inc. will post -0.08 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EGHT. StockNews.com lowered shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Friday. Barclays cut their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. B. Riley reiterated a “buy” rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Rosenblatt Securities dropped their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday. Finally, Wedbush raised 8X8 to a “hold” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.93.

8X8 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.