State of Alaska Department of Revenue Lowers Stock Holdings in 8×8, Inc. (NYSE:EGHT)


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State of Alaska Department of Revenue decreased its position in shares of 8×8, Inc. (NYSE:EGHT) by 15.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 82,782 shares of the technology company’s stock after selling 14,740 shares during the period. State of Alaska Department of Revenue owned approximately 0.08% of 8X8 worth $2,853,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Glenmede Trust Co. NA bought a new position in shares of 8X8 during the second quarter valued at about $25,000. Pacer Advisors Inc. bought a new position in shares of 8X8 during the third quarter valued at about $83,000. Point72 Hong Kong Ltd grew its stake in shares of 8X8 by 4,594.7% during the third quarter. Point72 Hong Kong Ltd now owns 7,934 shares of the technology company’s stock valued at $123,000 after buying an additional 7,765 shares during the last quarter. Handelsbanken Fonder AB bought a new position in shares of 8X8 during the second quarter valued at about $160,000. Finally, Boothbay Fund Management LLC bought a new position in shares of 8X8 during the third quarter valued at about $194,000. Institutional investors and hedge funds own 94.42% of the company’s stock.

In other news, CFO Samuel C. Wilson sold 20,000 shares of 8X8 stock in a transaction that occurred on Wednesday, December 30th. The shares were sold at an average price of $34.17, for a total transaction of $683,400.00. Following the completion of the transaction, the chief financial officer now directly owns 168,201 shares in the company, valued at $5,747,428.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dejan Deklich sold 1,853 shares of 8X8 stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $16.47, for a total transaction of $30,518.91. Following the transaction, the insider now owns 130,981 shares of the company’s stock, valued at $2,157,257.07. The disclosure for this sale can be found here. Insiders have sold 129,628 shares of company stock valued at $3,104,555 over the last quarter. Company insiders own 3.00% of the company’s stock.

A number of research analysts have recently issued reports on EGHT shares. Mizuho raised their price objective on 8X8 from $17.00 to $25.00 and gave the company a “neutral” rating in a research note on Wednesday, December 16th. Craig Hallum raised 8X8 from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Thursday, October 29th. Rosenblatt Securities raised their target price on 8X8 from $17.50 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, October 29th. Zacks Investment Research raised 8X8 from a “sell” rating to a “hold” rating in a research note on Monday, January 4th. Finally, Needham & Company LLC raised their target price on 8X8 from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $24.93.

8X8 stock opened at $35.83 on Thursday. The stock’s 50 day simple moving average is $29.51 and its two-hundred day simple moving average is $19.78. The company has a debt-to-equity ratio of 1.72, a quick ratio of 2.31 and a current ratio of 2.31. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of -20.71 and a beta of 0.83. 8×8, Inc. has a fifty-two week low of $10.70 and a fifty-two week high of $37.04.

8X8 (NYSE:EGHT) last posted its quarterly earnings data on Wednesday, October 28th. The technology company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.26. The business had revenue of $129.13 million for the quarter, compared to analysts’ expectations of $126.06 million. 8X8 had a negative return on equity of 68.68% and a negative net margin of 36.15%. On average, analysts predict that 8×8, Inc. will post -1.08 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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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Institutional Ownership by Quarter for 8X8 (NYSE:EGHT)

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