Impax Asset Management Group plc Sells 693,434 Shares of 8×8, Inc. (NASDAQ:EGHT)

Impax Asset Management Group plc reduced its stake in 8×8, Inc. (NASDAQ:EGHT) by 25.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,000,000 shares of the company’s stock after selling 693,434 shares during the quarter. Impax Asset Management Group plc’s holdings in 8X8 were worth $5,340,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in EGHT. Pallas Capital Advisors LLC bought a new stake in shares of 8X8 in the 4th quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC purchased a new position in 8X8 in the 3rd quarter worth approximately $30,000. Virtu Financial LLC purchased a new position in 8X8 in the 3rd quarter worth approximately $36,000. Intech Investment Management LLC purchased a new position in 8X8 in the 3rd quarter worth approximately $49,000. Finally, Creative Planning raised its holdings in 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after acquiring an additional 5,453 shares during the last quarter. 93.99% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 12,980 shares of company stock valued at $38,817 in the last 90 days. Company insiders own 1.22% of the company’s stock.

8X8 Price Performance

Shares of EGHT opened at $2.72 on Tuesday. The firm has a market cap of $358.20 million, a PE ratio of -7.56, a P/E/G ratio of 6.08 and a beta of 1.66. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The firm has a fifty day simple moving average of $2.78 and a two-hundred day simple moving average of $2.45. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.52.

8X8 (NASDAQ:EGHT) last announced its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, equities analysts anticipate that 8×8, Inc. will post 0.04 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on EGHT. Rosenblatt Securities decreased their price objective 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. Barclays boosted their price objective on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Wednesday, February 19th. Morgan Stanley boosted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Finally, Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, 8X8 has a consensus rating of “Hold” and an average price target of $2.99.

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.