8×8, Inc. (NYSE:EGHT) Short Interest Update

8×8, Inc. (NYSE:EGHT) was the recipient of a large increase in short interest in November. As of November 29th, there was short interest totalling 18,330,000 shares, an increase of 7.3% from the November 14th total of 17,090,000 shares. Approximately 19.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,250,000 shares, the short-interest ratio is currently 14.7 days.

A number of brokerages recently issued reports on EGHT. ValuEngine upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 3rd. Summit Insights upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Bank of America cut shares of 8X8 from a “neutral” rating to an “underperform” rating and set a $21.00 price target on the stock. in a research note on Monday, September 30th. Stephens reiterated a “buy” rating and issued a $27.00 price target on shares of 8X8 in a research note on Thursday, October 31st. Finally, Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. 8X8 currently has a consensus rating of “Buy” and an average target price of $25.11.

In other news, EVP Dejan Deklich sold 7,593 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $22.60, for a total transaction of $171,601.80. Following the sale, the executive vice president now owns 9,428 shares in the company, valued at approximately $213,072.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 3.00% of the company’s stock.

A number of large investors have recently modified their holdings of EGHT. Steward Partners Investment Advisory LLC purchased a new position in 8X8 in the 2nd quarter worth about $72,000. Pearl River Capital LLC purchased a new position in 8X8 in the 2nd quarter worth about $84,000. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in 8X8 in the 3rd quarter worth about $193,000. Envestnet Asset Management Inc. purchased a new position in 8X8 in the 2nd quarter worth about $209,000. Finally, Stephens Inc. AR purchased a new position in 8X8 in the 2nd quarter worth about $241,000. 90.19% of the stock is owned by institutional investors and hedge funds.

NYSE:EGHT traded up $0.36 during mid-day trading on Friday, reaching $17.17. The company’s stock had a trading volume of 1,803,202 shares, compared to its average volume of 1,059,079. 8X8 has a 12-month low of $16.34 and a 12-month high of $26.67. The firm’s fifty day moving average price is $19.59 and its two-hundred day moving average price is $22.52. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 1.25. The stock has a market cap of $1.73 billion, a P/E ratio of -24.88 and a beta of 0.68.

8X8 (NYSE:EGHT) last issued its earnings results on Wednesday, October 30th. The technology company reported ($0.16) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.01. 8X8 had a negative return on equity of 40.84% and a negative net margin of 32.60%. The business had revenue of $109.50 million during the quarter, compared to analyst estimates of $106.51 million. During the same quarter in the previous year, the firm earned ($0.04) EPS. 8X8’s revenue was up 27.8% on a year-over-year basis. Analysts predict that 8X8 will post -1.26 earnings per share for the current fiscal year.

8X8 Company Profile

8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.

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