Mitsubishi UFJ Asset Management Co. Ltd. Lowers Stake in 8×8, Inc. (NASDAQ:EGHT)

Mitsubishi UFJ Asset Management Co. Ltd. lessened its holdings in 8×8, Inc. (NASDAQ:EGHT) by 53.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,773 shares of the company’s stock after selling 22,799 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in 8X8 were worth $55,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in EGHT. Intech Investment Management LLC purchased a new stake in shares of 8X8 in the 3rd quarter worth approximately $49,000. Charles Schwab Investment Management Inc. boosted its holdings in 8X8 by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock worth $2,731,000 after acquiring an additional 23,731 shares in the last quarter. FMR LLC grew its stake in shares of 8X8 by 24.5% in the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after acquiring an additional 314,441 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of 8X8 by 8.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after purchasing an additional 11,287 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in 8X8 by 18.6% in the 3rd quarter. Jane Street Group LLC now owns 178,674 shares of the company’s stock worth $364,000 after purchasing an additional 28,030 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Trading Down 6.3 %

Shares of NASDAQ:EGHT opened at $1.72 on Friday. The stock’s 50-day simple moving average is $2.51 and its two-hundred day simple moving average is $2.52. The stock has a market capitalization of $226.51 million, a price-to-earnings ratio of -4.78, a PEG ratio of 6.08 and a beta of 1.78. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.52. 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 (NASDAQ:EGHT) last announced its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. Analysts expect that 8×8, Inc. will post 0.04 EPS for the current year.

Analyst Upgrades and Downgrades

EGHT has been the subject of several recent analyst reports. Rosenblatt Securities decreased their target price on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday, February 3rd. StockNews.com cut 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Needham & Company LLC lifted their target price on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Barclays increased their price objective on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.99.

Insider Transactions at 8X8

In related news, major shareholder Sylebra Capital Llc sold 101,678 shares of the 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 completion of the sale, the insider now directly owns 14,085,649 shares of the company’s stock, valued at approximately $31,410,997.27. This represents a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares in the company, valued at $701,373. This represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 263,678 shares of company stock worth $591,532 in the last three months. Corporate insiders own 1.22% of the company’s stock.

8X8 Company Profile

8×8, 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.