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

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sei Investments Co. bought a new position in 8X8 in the 2nd quarter worth $44,000. XTX Topco Ltd bought a new position in 8X8 in the second quarter worth about $49,000. Williams & Novak LLC bought a new position in 8X8 in the second quarter worth about $77,000. Dynamic Advisor Solutions LLC lifted its holdings in 8X8 by 83.1% in the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after buying an additional 15,665 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in 8X8 during the 2nd quarter valued at approximately $77,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

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

8X8 Trading Up 2.5 %

NASDAQ EGHT opened at $2.04 on Tuesday. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.92. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93. The stock’s fifty day moving average price is $1.92 and its 200-day moving average price is $2.26. The stock has a market cap of $261.79 million, a P/E ratio of -4.08 and a beta of 1.56.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period last year, the company posted ($0.04) earnings per share. As a group, equities analysts forecast that 8×8, Inc. will post -0.08 EPS for the current fiscal year.

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.