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8×8 Inc. (NASDAQ:EGHT) soared 14% as an investor said it planned to talk to management about certain topics, including potential strategic transactions such as business combinations.
Sylebra Capital reported owning a 12.4% holding in 8×8 (EGHT), according to a 13D filing on Friday.
Separately, Sylebra Capital also reported in a different 13D filing an 8.7% stake in RingCentral (NYSE:RNG) and also said it planned to have discussions with its management about potential strategic transactions, including business combinations.
Earlier Friday, RingCentral (RNG) was upgraded to buy at Needham, citing stabilizing growth and improved free cash flow.
RingCentral (RNG) rose 11% on Friday amid the Needham upgrade and investor stake news.
The Sylebra Capital stakes in 8×8 (EGHT) and RingCentral (RNG) come after a StreetInsider report in November that RNG approached 8×8 about a potential takeover. Earlier in November the publication also reported that 8×8 had been approached by a strategic buyer.
RingCentral (RNG) is scheduled to present at a Jefferies Software Conference on Wednesday.
