8x8, Inc. (NASDAQ:EGHT) Shares Sold by Impax Asset Management Group plc

Impax Asset Management Group plc lessened its stake in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 19.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,693,434 shares of the company's stock after selling 636,566 shares during the period. Impax Asset Management Group plc owned approximately 2.10% of 8X8 worth $5,495,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of EGHT. Boston Partners grew its holdings in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company's stock valued at $10,029,000 after buying an additional 3,073,230 shares during the last quarter. Acadian Asset Management LLC grew its stake in 8X8 by 188.7% during the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company's stock valued at $5,283,000 after purchasing an additional 1,279,145 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in shares of 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company's stock valued at $2,498,000 after purchasing an additional 576,418 shares during the period. Invenomic Capital Management LP raised its stake in shares of 8X8 by 27.5% in the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company's stock worth $7,152,000 after purchasing an additional 571,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of 8X8 by 5.2% during the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company's stock worth $30,912,000 after purchasing an additional 561,436 shares during the period. Institutional investors and hedge funds own 93.99% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on EGHT shares. Mizuho raised their price target on shares of 8X8 from $2.50 to $2.75 and gave the stock a "neutral" rating in a research report on Tuesday, November 5th. Barclays boosted their target price on shares of 8X8 from $2.00 to $2.50 and gave the company an "equal weight" rating in a research report on Tuesday, November 5th. Wedbush raised 8X8 to a "hold" rating in a research report on Thursday, October 17th. Rosenblatt Securities lowered their target price on 8X8 from $4.00 to $3.50 and set a "buy" rating on the stock in a research note on Monday, October 28th. Finally, StockNews.com upgraded 8X8 from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, 8X8 has an average rating of "Hold" and an average price target of $2.82.

8X8 Price Performance

Shares of NASDAQ EGHT traded down $0.06 during trading on Friday, hitting $2.81. The company had a trading volume of 648,650 shares, compared to its average volume of 1,197,313. 8x8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The stock has a fifty day simple moving average of $2.14 and a two-hundred day simple moving average of $2.29. The firm has a market capitalization of $367.16 million, a price-to-earnings ratio of -5.11, a price-to-earnings-growth ratio of 24.74 and a beta of 1.54.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. 8X8's quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.02 EPS. On average, research analysts expect that 8x8, Inc. will post 0.01 earnings per share for the current year.

About 8X8

8x8, 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 8x8 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; 8x8 Contact Center, a cloud-based contact center as-a-service solution; and 8x8 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.