8×8, Inc. (NASDAQ:EGHT) Short Interest Down 6.5% in March

8×8, Inc. (NASDAQ:EGHT) saw a significant drop in short interest in March. As of March 31st, there was short interest totalling 15,080,000 shares, a drop of 6.5% from the March 15th total of 16,120,000 shares. Based on an average daily trading volume, of 1,520,000 shares, the short-interest ratio is presently 9.9 days.

Wall Street Analysts Forecast Growth

EGHT has been the topic of several research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research report on Monday, March 18th. Needham & Company LLC restated a “buy” rating and set a $5.00 target price on shares of 8X8 in a research report on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, 8X8 presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.72.

8X8 Trading Down 2.6 %

NASDAQ EGHT traded down $0.06 during mid-day trading on Wednesday, reaching $2.23. 165,641 shares of the stock were exchanged, compared to its average volume of 1,461,635. 8X8 has a 1-year low of $2.15 and a 1-year high of $4.88. The business’s fifty day simple moving average is $2.67 and its 200 day simple moving average is $2.96. The stock has a market capitalization of $275.23 million, a PE ratio of -5.09 and a beta of 1.46. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.31 and a current ratio of 1.31.

Insider Buying and Selling at 8X8

In other news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the sale, the chief executive officer now directly owns 1,022,288 shares in the company, valued at $2,719,286.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 22,033 shares of company stock valued at $58,638. Corporate insiders own 1.08% of the company’s stock.

Hedge Funds Weigh In On 8X8

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in 8X8 by 16.8% during the third quarter. Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock worth $66,311,000 after purchasing an additional 2,763,997 shares during the period. Sylebra Capital Ltd raised its stake in shares of 8X8 by 0.4% in the 1st quarter. Sylebra Capital Ltd now owns 14,389,476 shares of the company’s stock valued at $60,004,000 after acquiring an additional 61,085 shares during the period. Sylebra Capital LLC purchased a new position in shares of 8X8 in the 3rd quarter valued at $36,261,000. State Street Corp raised its stake in shares of 8X8 by 17.7% in the 2nd quarter. State Street Corp now owns 5,695,833 shares of the company’s stock valued at $24,093,000 after acquiring an additional 856,530 shares during the period. Finally, Impax Asset Management Group plc raised its stake in shares of 8X8 by 34.2% in the 3rd quarter. Impax Asset Management Group plc now owns 3,330,000 shares of the company’s stock valued at $8,392,000 after acquiring an additional 848,201 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company 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 provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.