Impax Asset Management Group plc Decreases Stock Position in 8×8, Inc. (NASDAQ:EGHT)

Impax Asset Management Group plc lowered its stake in 8×8, Inc. (NASDAQ:EGHT) by 25.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,000,000 shares of the company’s stock after selling 693,434 shares during the period. Impax Asset Management Group plc owned approximately 1.53% of 8X8 worth $5,340,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of EGHT. B. Riley Financial Inc. purchased a new position in shares of 8X8 in the third quarter worth about $1,997,000. Invenomic Capital Management LP increased its holdings 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 worth $11,278,000 after buying an additional 524,580 shares during the period. FMR LLC increased its holdings 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 during the period. Geode Capital Management LLC increased its holdings in shares of 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after buying an additional 237,181 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in shares of 8X8 in the third quarter worth about $332,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Performance

8X8 stock opened at $2.72 on Tuesday. The stock’s 50 day simple moving average is $2.78 and its two-hundred day simple moving average is $2.45. 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 has a market cap of $358.20 million, a price-to-earnings ratio of -7.56, a PEG ratio of 6.08 and a beta of 1.66. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating 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%. As a group, analysts expect that 8×8, Inc. will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at 8X8

In other news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value of $30,000.00. Following the sale, the insider now directly owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders have sold 12,980 shares of company stock valued at $38,817. 1.22% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on EGHT. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Rosenblatt Securities cut their target price on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Needham & Company LLC raised their target price on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. 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. Finally, Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and cut 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 assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.99.

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.