8×8, Inc. (NYSE:EGHT) Shares Sold by Legal & General Group Plc

Legal & General Group Plc trimmed its position in shares of 8×8, Inc. (NYSE:EGHT) by 18.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 287,986 shares of the technology company’s stock after selling 66,829 shares during the period. Legal & General Group Plc owned 0.26% of 8X8 worth $7,995,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of EGHT. Rational Advisors LLC bought a new stake in shares of 8X8 during the 2nd quarter worth about $48,000. Eaton Vance Management bought a new stake in shares of 8X8 during the 1st quarter worth about $76,000. FORA Capital LLC bought a new stake in shares of 8X8 during the 1st quarter worth about $131,000. O Shaughnessy Asset Management LLC bought a new stake in shares of 8X8 during the 1st quarter worth about $182,000. Finally, Keebeck Alpha LP bought a new stake in shares of 8X8 during the 2nd quarter worth about $227,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

8X8 stock opened at $23.95 on Thursday. The firm’s 50 day simple moving average is $24.21 and its 200-day simple moving average is $26.61. The company has a market cap of $2.68 billion, a P/E ratio of -15.25 and a beta of 1.13. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.20 and a quick ratio of 2.20. 8×8, Inc. has a fifty-two week low of $15.52 and a fifty-two week high of $39.17.

8X8 (NYSE:EGHT) last released its earnings results on Wednesday, August 4th. The technology company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.24. The business had revenue of $148.30 million for the quarter, compared to the consensus estimate of $143.07 million. 8X8 had a negative net margin of 29.99% and a negative return on equity of 80.05%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.07) earnings per share. On average, analysts expect that 8×8, Inc. will post -1.07 EPS for the current fiscal year.

A number of analysts recently commented on the stock. Needham & Company LLC assumed coverage on shares of 8X8 in a report on Monday, June 21st. They issued a “buy” rating and a $32.00 target price on the stock. Colliers Securities reiterated a “buy” rating and issued a $42.00 target price on shares of 8X8 in a report on Wednesday, September 1st. Finally, Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a report on Wednesday, October 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, 8X8 presently has a consensus rating of “Hold” and an average price target of $33.50.

In related news, SVP Matthew Zinn sold 950 shares of the business’s stock in a transaction that occurred on Monday, July 26th. The shares were sold at an average price of $26.53, for a total transaction of $25,203.50. Following the transaction, the senior vice president now directly owns 68,627 shares of the company’s stock, valued at $1,820,674.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dejan Deklich sold 2,191 shares of the business’s stock in a transaction that occurred on Sunday, September 19th. The shares were sold at an average price of $24.06, for a total transaction of $52,715.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,101 shares of company stock worth $1,555,878. 2.20% of the stock is currently owned by insiders.

8X8 Company Profile

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in San Jose, CA.

See Also: Cash Flow

Institutional Ownership by Quarter for 8X8 (NYSE:EGHT)

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