8×8, Inc. (NYSE:EGHT) Shares Sold by Whetstone Capital Advisors LLC

Whetstone Capital Advisors LLC decreased its position in 8×8, Inc. (NYSE:EGHT) by 63.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 200,269 shares of the technology company’s stock after selling 345,355 shares during the quarter. 8X8 comprises approximately 1.4% of Whetstone Capital Advisors LLC’s holdings, making the stock its 22nd largest position. Whetstone Capital Advisors LLC owned approximately 0.19% of 8X8 worth $6,497,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in EGHT. TRU Independence Asset Management 2 LLC purchased a new stake in shares of 8X8 during the fourth quarter valued at $31,000. Encompass Wealth Advisors LLC purchased a new stake in shares of 8X8 during the fourth quarter valued at $31,000. Archer Investment Corp purchased a new stake in shares of 8X8 during the fourth quarter valued at $39,000. Vantage Consulting Group Inc purchased a new stake in shares of 8X8 during the fourth quarter valued at $48,000. Finally, US Bancorp DE lifted its holdings in shares of 8X8 by 152.2% during the fourth quarter. US Bancorp DE now owns 1,594 shares of the technology company’s stock valued at $55,000 after purchasing an additional 962 shares during the last quarter. Institutional investors and hedge funds own 97.30% of the company’s stock.

In related news, CEO David Sipes bought 43,000 shares of the company’s stock in a transaction dated Monday, June 7th. The stock was acquired at an average cost of $23.47 per share, with a total value of $1,009,210.00. Following the acquisition, the chief executive officer now owns 518,728 shares in the company, valued at approximately $12,174,546.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Steve Seger sold 4,402 shares of the firm’s stock in a transaction on Tuesday, March 16th. The shares were sold at an average price of $33.53, for a total value of $147,599.06. Following the sale, the executive vice president now directly owns 95,720 shares of the company’s stock, valued at $3,209,491.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,741 shares of company stock valued at $416,421. 3.00% of the stock is currently owned by insiders.

Several research firms recently weighed in on EGHT. Morgan Stanley dropped their price target on 8X8 from $35.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Friday, May 14th. Craig Hallum reaffirmed a “hold” rating on shares of 8X8 in a research report on Monday, May 17th. Zacks Investment Research raised 8X8 from a “sell” rating to a “hold” rating in a research report on Monday, May 24th. Bank of America assumed coverage on 8X8 in a report on Tuesday, April 20th. They set a “neutral” rating and a $39.00 price objective on the stock. Finally, Evercore ISI reissued a “buy” rating on shares of 8X8 in a report on Thursday, May 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. 8X8 has an average rating of “Hold” and a consensus price target of $31.21.

Shares of EGHT stock traded up $0.66 during mid-day trading on Friday, reaching $26.42. The stock had a trading volume of 24,922 shares, compared to its average volume of 1,538,790. The company has a 50 day moving average of $28.65. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 1.92. 8×8, Inc. has a one year low of $13.69 and a one year high of $39.17. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -16.71 and a beta of 1.11.

8X8 (NYSE:EGHT) last announced its quarterly earnings data on Monday, May 10th. The technology company reported ($0.33) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.32). 8X8 had a negative return on equity of 73.97% and a negative net margin of 31.10%. The firm had revenue of $144.70 million during the quarter, compared to the consensus estimate of $139.96 million. During the same quarter in the prior year, the business posted ($0.12) EPS. 8X8’s revenue was up 19.1% compared to the same quarter last year. As a group, sell-side analysts expect that 8×8, Inc. will post -0.84 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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