HSBC Holdings PLC Makes Major Move By Reducing its Share Position in 8×8, Inc. 

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Written By Dean McHugh

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 provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging. The platform also administers direct messages, public and private team messaging rooms,  short and multimedia services; a 8×8 Contact Center, and  multi-channel cloud-based contact center solution; and 8×8 CPaaS. 

HSBC Decreases Share Position

HSBC Holdings PLC decreased its position in shares of 8×8, Inc. by 5.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 

Credit: DepositPhotos

The institutional investor owned 100,775 shares of the company’s stock after selling 5,923 shares during the period. HSBC Holdings PLC’s holdings in 8X8 were worth $258,000 at the end of the most recent quarter.

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Institutional Investors’ Movements

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in 8X8 by 16.8% in the third quarter. 

Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock worth $66,311,000 after buying an additional 2,763,997 shares during the last quarter. Sylebra Capital Ltd grew its position in 8X8 by 0.4% during the 1st quarter. 

Sylebra Capital Ltd now owns 14,389,476 shares of the company’s stock worth $60,004,000 after purchasing an additional 61,085 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its position in 8X8 by 8.2% during the 2nd quarter. 

ArrowMark Colorado Holdings LLC now owns 12,993,653 shares of the company’s stock worth $54,963,000 after purchasing an additional 980,870 shares in the last quarter. State Street Corp grew its position in 8X8 by 17.7% during the 2nd quarter. 

State Street Corp now owns 5,695,833 shares of the company’s stock worth $24,093,000 after purchasing an additional 856,530 shares in the last quarter. Finally, Impax Asset Management Group plc grew its position in 8X8 by 34.2% during the 3rd quarter. 

Impax Asset Management Group plc now owns 3,330,000 shares of the company’s stock worth $8,392,000 after purchasing an additional 848,201 shares in the last quarter. Institutional investors own 99.89% of the company’s stock.

Analysts’ Price Targets

Several research firms have weighed in on EGHT. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research report on Thursday, February 1st. 

Needham & Company LLC restated a “buy” rating and set a $5.00 price target on shares of 8X8 in a report on Thursday, February 1st. 

Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. 

Based on data from MarketBeat, 8X8 currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.72.

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Insider Activity

In other news, CAO Suzy M. Seandel sold 8,800 shares of the company’s stock in a transaction dated Tuesday, January 16th. 

The shares were sold at an average price of $3.31, for a total transaction of $29,128.00. Following the completion of the transaction, the chief accounting officer now owns 275,346 shares of the company’s stock, valued at $911,395.26. 

The sale was disclosed in a document filed with the Securities & Exchange Commission. Also, insider Hunter Middleton sold 8,464 shares of the company’s stock in a transaction dated Monday, December 18th. 

The shares were sold at an average price of $3.53, for a total transaction of $29,877.92. Following the transaction, the insider now directly owns 438,887 shares of the company’s stock, valued at approximately $1,549,271.11. 

Over the last 90 days, insiders sold 74,854 shares of company stock valued at $263,464. Insiders own 1.08% of the company’s stock.

Market Performance

8X8 stock opened at $2.97 on Friday. The firm has a market cap of $366.56 million, a price-to-earnings ratio of -6.75, and a beta of 1.47. 

Credit: DepositPhotos

The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. 8×8, Inc. has a fifty-two week low of $2.15 and a fifty-two week high of $5.68. 

The firm has a fifty-day moving average price of $3.11 and a two-hundred-day moving average price of $2.98. It will be interesting to see the price action of the stock over the coming weeks and months.

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