S Squared Technology LLC Cuts Stock Position in 8x8, Inc. (NASDAQ:EGHT)

S Squared Technology LLC lowered its position in 8x8, Inc. (NASDAQ:EGHT - Free Report) by 12.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,419,042 shares of the company's stock after selling 200,000 shares during the period. 8X8 comprises about 1.6% of S Squared Technology LLC's portfolio, making the stock its 22nd largest position. S Squared Technology LLC owned about 1.08% of 8X8 worth $3,789,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in EGHT. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 in the fourth quarter worth about $29,000. Picton Mahoney Asset Management raised its stake in 8X8 by 53.6% in the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after purchasing an additional 3,876 shares in the last quarter. Cibc World Markets Corp purchased a new position in 8X8 in the fourth quarter worth $32,000. O Shaughnessy Asset Management LLC purchased a new position in shares of 8X8 during the fourth quarter worth approximately $34,000. Finally, Sand Hill Global Advisors LLC bought a new stake in shares of 8X8 in the 4th quarter valued at about $42,000. 93.99% of the stock is owned by institutional investors.

8X8 Stock Up 0.9 %

Shares of EGHT traded up $0.02 during trading hours on Tuesday, hitting $1.66. The company had a trading volume of 588,839 shares, compared to its average volume of 1,038,682. The stock has a market capitalization of $217.95 million, a price-to-earnings ratio of -4.60, a P/E/G ratio of 6.08 and a beta of 1.81. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. 8x8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.52. The firm has a fifty day moving average price of $2.20 and a 200-day moving average price of $2.50.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. On average, equities research analysts forecast that 8x8, Inc. will post 0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on EGHT. Wells Fargo & Company cut their target price on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research note on Tuesday. Rosenblatt Securities cut their price target on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating on the stock in a report on Monday, February 3rd. Morgan Stanley dropped their target price on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. StockNews.com downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 5th. Finally, Mizuho reduced their target price on 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, 8X8 has a consensus rating of "Hold" and a consensus target price of $2.74.

Insider Buying and Selling

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the firm's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the sale, the insider now owns 233,791 shares of the company's stock, valued at $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $2.23, for a total value of $226,741.94. Following the transaction, the insider now directly owns 14,085,649 shares in the company, valued at approximately $31,410,997.27. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,678 shares of company stock worth $590,602 over the last three months. 1.22% of the stock is owned by insiders.

8X8 Company Profile

8x8, 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.