Sylebra Capital LLC Has $27.01 Million Position in 8×8 Inc $EGHT

Sylebra Capital LLC decreased its stake in 8×8 Inc (NASDAQ:EGHT) by 2.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,781,823 shares of the company’s stock after selling 303,826 shares during the period. 8X8 accounts for about 1.1% of Sylebra Capital LLC’s holdings, making the stock its 11th biggest holding. Sylebra Capital LLC owned 10.11% of 8X8 worth $27,012,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. National Bank of Canada FI acquired a new stake in 8X8 during the 1st quarter valued at approximately $26,000. Nisa Investment Advisors LLC boosted its stake in shares of 8X8 by 359.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock valued at $26,000 after purchasing an additional 10,205 shares during the last quarter. Diversified Trust Co acquired a new stake in shares of 8X8 during the second quarter worth $28,000. Algert Global LLC bought a new position in 8X8 during the first quarter worth $29,000. Finally, R Squared Ltd acquired a new position in 8X8 in the second quarter valued at $34,000. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Up 1.4%

Shares of NASDAQ:EGHT opened at $2.19 on Friday. The business’s 50 day simple moving average is $1.94 and its two-hundred day simple moving average is $1.95. The firm has a market cap of $303.62 million, a P/E ratio of -54.75, a PEG ratio of 2.20 and a beta of 1.95. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.12 and a current ratio of 1.12. 8×8 Inc has a 52-week low of $1.52 and a 52-week high of $3.52.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $2.50 target price on shares of 8X8 in a report on Wednesday, November 5th. Morgan Stanley set a $1.90 price target on 8X8 in a report on Friday, August 29th. Finally, Wall Street Zen raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 5th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $2.49.

About 8X8

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.