8×8, Inc. (NASDAQ:EGHT) Short Interest Down 6.5% in March

8×8, Inc. (NASDAQ:EGHT) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totalling 15,080,000 shares, a decrease of 6.5% from the March 15th total of 16,120,000 shares. Based on an average trading volume of 1,520,000 shares, the short-interest ratio is presently 9.9 days.

Insiders Place Their Bets

In other news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the sale, the chief executive officer now owns 1,022,288 shares of the company’s stock, valued at approximately $2,719,286.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 32,289 shares of company stock worth $81,979 in the last three months. Corporate insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On 8X8

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in 8X8 by 16.8% during the third quarter. Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock valued at $66,311,000 after acquiring an additional 2,763,997 shares during the last quarter. Sylebra Capital LLC purchased a new position in shares of 8X8 in the third quarter worth $36,261,000. Sylebra Capital Ltd raised its holdings in shares of 8X8 by 0.4% in the first quarter. Sylebra Capital Ltd now owns 14,389,476 shares of the company’s stock worth $60,004,000 after buying an additional 61,085 shares during the last quarter. State Street Corp raised its holdings in shares of 8X8 by 17.7% in the second quarter. State Street Corp now owns 5,695,833 shares of the company’s stock worth $24,093,000 after buying an additional 856,530 shares during the last quarter. Finally, Impax Asset Management Group plc raised its holdings in shares of 8X8 by 34.2% in the third quarter. Impax Asset Management Group plc now owns 3,330,000 shares of the company’s stock worth $8,392,000 after buying an additional 848,201 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price target on shares of 8X8 in a research report on Thursday, February 1st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research report on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, 8X8 presently has an average rating of “Moderate Buy” and an average price target of $3.72.

8X8 Trading Down 2.6 %

NASDAQ:EGHT opened at $2.23 on Thursday. 8X8 has a 52 week low of $2.15 and a 52 week high of $4.88. The firm has a 50 day moving average of $2.66 and a 200 day moving average of $2.95. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 3.73. The stock has a market capitalization of $275.23 million, a price-to-earnings ratio of -5.07 and a beta of 1.46.

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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.