Two Sigma Advisers LP Purchases 343,400 Shares of 8x8, Inc. (NASDAQ:EGHT)

Two Sigma Advisers LP raised its holdings in 8x8, Inc. (NASDAQ:EGHT - Free Report) by 39.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,218,758 shares of the company's stock after purchasing an additional 343,400 shares during the period. Two Sigma Advisers LP owned 0.93% of 8X8 worth $3,254,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Picton Mahoney Asset Management lifted its position in shares of 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 purchasing an additional 3,876 shares in the last quarter. Captrust Financial Advisors acquired a new position in shares of 8X8 during the fourth quarter valued at $30,000. Cibc World Markets Corp acquired a new position in 8X8 during the fourth quarter worth about $32,000. O Shaughnessy Asset Management LLC acquired a new position in shares of 8X8 in the 4th quarter valued at $34,000. Finally, Sand Hill Global Advisors LLC acquired a new position in shares of 8X8 in the 4th quarter valued at $42,000. Institutional investors and hedge funds own 93.99% of the company's stock.

8X8 Stock Performance

Shares of EGHT traded up $0.04 during mid-day trading on Thursday, reaching $1.65. The company's stock had a trading volume of 781,954 shares, compared to its average volume of 1,082,662. The stock has a market cap of $217.30 million, a P/E ratio of -4.58, a PEG ratio of 6.08 and a beta of 1.80. The business has a 50-day simple moving average of $1.79 and a two-hundred day simple moving average of $2.41. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. 8x8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.52.

Insiders Place Their Bets

In other 8X8 news, major shareholder Sylebra Capital Llc sold 50,000 shares of 8X8 stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00. Following the completion of the sale, the insider now directly owns 14,187,327 shares in the company, valued at $30,360,879.78. The trade was a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 254,678 shares of company stock valued at $562,412. Company insiders own 1.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on EGHT. Wall Street Zen lowered 8X8 from a "strong-buy" rating to a "buy" rating in a report on Thursday. Morgan Stanley reduced their price target on 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a report on Wednesday, April 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a report on Saturday, May 24th. B. Riley reissued a "buy" rating and issued a $3.00 price objective (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Finally, Wells Fargo & Company dropped their price target on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, 8X8 presently has an average rating of "Hold" and a consensus target price of $2.51.

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.