Renaissance Technologies LLC Purchases 404,077 Shares of 8x8, Inc. (NASDAQ:EGHT)

Renaissance Technologies LLC boosted its holdings in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 1,101.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 440,777 shares of the company's stock after purchasing an additional 404,077 shares during the period. Renaissance Technologies LLC owned about 0.33% of 8X8 worth $1,177,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in EGHT. Geode Capital Management LLC lifted its position in shares of 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company's stock worth $6,085,000 after buying an additional 237,181 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of 8X8 during the fourth quarter valued at $2,126,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of 8X8 by 17.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock worth $2,131,000 after purchasing an additional 118,686 shares in the last quarter. Barclays PLC lifted its holdings in 8X8 by 198.8% during the 3rd quarter. Barclays PLC now owns 216,123 shares of the company's stock valued at $440,000 after purchasing an additional 143,791 shares during the last quarter. Finally, Boston Partners grew its stake in 8X8 by 3.9% during the fourth quarter. Boston Partners now owns 6,644,856 shares of the company's stock worth $17,742,000 after buying an additional 252,083 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Laurence Denny sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the transaction, the insider now owns 233,791 shares in the company, valued at $701,373. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 50,000 shares of 8X8 stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00. Following the transaction, the insider now owns 14,187,327 shares in the company, valued at approximately $30,360,879.78. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 263,678 shares of company stock worth $590,602. 1.22% of the stock is currently owned by corporate insiders.

8X8 Stock Performance

EGHT stock traded up $0.02 during trading hours on Monday, reaching $1.85. The stock had a trading volume of 57,349 shares, compared to its average volume of 1,042,080. The stock has a 50-day simple moving average of $1.98 and a 200 day simple moving average of $2.48. 8x8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The stock has a market capitalization of $242.98 million, a PE ratio of -5.07, a price-to-earnings-growth ratio of 6.08 and a beta of 1.80. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24.

8X8 (NASDAQ:EGHT - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. Analysts predict that 8x8, Inc. will post 0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on EGHT. Barclays increased their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Mizuho dropped their target price on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a report on Tuesday, April 15th. Wells Fargo & Company dropped their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC upped their price objective on 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Finally, Morgan Stanley dropped their target price on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, 8X8 has a consensus rating of "Hold" and a consensus target price of $2.66.

8X8 Profile

8x8, 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.