ArrowMark Colorado Holdings LLC Has $30.79 Million Stake in 8x8, Inc. (NASDAQ:EGHT)

ArrowMark Colorado Holdings LLC reduced its position in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 1.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,530,133 shares of the company's stock after selling 195,158 shares during the period. ArrowMark Colorado Holdings LLC owned approximately 8.76% of 8X8 worth $30,785,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Pallas Capital Advisors LLC bought a new position in shares of 8X8 during the 4th quarter valued at about $29,000. Picton Mahoney Asset Management boosted its holdings in 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after buying an additional 3,876 shares in the last quarter. Cibc World Markets Corp bought a new stake in 8X8 during the fourth quarter worth approximately $32,000. O Shaughnessy Asset Management LLC acquired a new position in 8X8 in the fourth quarter worth approximately $34,000. Finally, Virtu Financial LLC bought a new position in shares of 8X8 in the third quarter valued at $36,000. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Down 2.2 %

EGHT traded down $0.04 on Monday, reaching $1.79. 613,404 shares of the company traded hands, compared to its average volume of 1,044,184. The company has a market cap of $235.73 million, a price-to-earnings ratio of -4.97, a PEG 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. The stock's 50 day moving average price is $1.96 and its 200-day moving average price is $2.48. 8x8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.52.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Wells Fargo & Company decreased their target price on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. StockNews.com downgraded 8X8 from a "strong-buy" rating to a "buy" rating in a report on Wednesday, February 5th. Mizuho reduced their price objective on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research note on Tuesday, April 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research report on Thursday, April 24th. Finally, Barclays upped their price target on shares of 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2.66.

Insider Transactions at 8X8

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total value of $223,000.00. Following the transaction, the insider now owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the sale, the insider now owns 233,791 shares of the company's stock, valued at $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 263,678 shares of company stock valued at $590,602 in the last three months. Corporate insiders own 1.22% of the company's stock.

About 8X8

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.