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 currently 9.9 days.

Analysts Set New Price Targets

EGHT has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of 8X8 in a research report on Thursday, February 1st. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 target price on shares of 8X8 in a research report on Monday, March 18th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $3.72.

Insider Buying and Selling at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was 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 legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 22,033 shares of company stock worth $58,638 over the last ninety days. Corporate insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently added to or reduced their stakes in EGHT. Sylebra Capital LLC purchased a new stake in 8X8 in the 3rd quarter valued at approximately $36,261,000. Vanguard Group Inc. boosted its holdings in 8X8 by 16.8% in the 3rd quarter. Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock valued at $66,311,000 after purchasing an additional 2,763,997 shares in the last quarter. Kent Lake Capital LLC purchased a new stake in 8X8 in the 4th quarter valued at approximately $10,395,000. Bank of New York Mellon Corp boosted its holdings in 8X8 by 210.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company’s stock valued at $7,524,000 after purchasing an additional 2,024,020 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in 8X8 by 1,632.4% in the 2nd quarter. Millennium Management LLC now owns 1,195,098 shares of the company’s stock valued at $6,155,000 after purchasing an additional 1,126,111 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Performance

EGHT stock traded down $0.06 during trading on Wednesday, hitting $2.23. The company had a trading volume of 165,641 shares, compared to its average volume of 1,461,635. The firm has a market cap of $275.23 million, a PE ratio of -5.09 and a beta of 1.46. 8X8 has a 1-year low of $2.15 and a 1-year high of $4.88. The firm has a 50-day moving average price of $2.67 and a 200-day moving average price of $2.96. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 3.73.

About 8X8

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.