8×8, Inc. (NASDAQ:EGHT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in 8×8, Inc. (NASDAQ:EGHT) by 81.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 34,156 shares of the company’s stock after selling 152,448 shares during the quarter. Principal Financial Group Inc.’s holdings in 8X8 were worth $70,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in 8X8 in the third quarter valued at $30,000. Virtu Financial LLC acquired a new stake in 8X8 in the 3rd quarter valued at about $36,000. Sei Investments Co. acquired a new position in shares of 8X8 during the second quarter worth about $44,000. XTX Topco Ltd purchased a new stake in shares of 8X8 during the second quarter worth approximately $49,000. Finally, Intech Investment Management LLC acquired a new stake in 8X8 in the third quarter valued at approximately $49,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on EGHT shares. Wells Fargo & Company boosted their price target on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $2.75 to $2.50 in a report on Friday, December 13th. Barclays raised their price objective on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Rosenblatt Securities dropped 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, October 28th. Finally, StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.87.

8X8 Stock Down 1.9 %

EGHT stock opened at $2.65 on Wednesday. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.78. The company has a fifty day moving average price of $2.83 and a 200 day moving average price of $2.39. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $346.25 million, a price-to-earnings ratio of -4.82, a price-to-earnings-growth ratio of 26.98 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The firm had revenue of $181.00 million during the quarter, compared to analysts’ expectations of $178.38 million. During the same quarter in the prior year, the business posted $0.02 earnings per share. 8X8’s revenue was down 2.2% compared to the same quarter last year. Sell-side analysts expect that 8×8, Inc. will post 0.01 earnings per share for the current 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.