8x8, Inc. (NASDAQ:EGHT) Position Boosted by Two Sigma Investments LP

Two Sigma Investments LP increased its stake in 8x8, Inc. (NASDAQ:EGHT - Free Report) by 49.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,014,048 shares of the company's stock after buying an additional 334,348 shares during the quarter. Two Sigma Investments LP owned about 0.77% of 8X8 worth $2,708,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Picton Mahoney Asset Management increased its holdings in 8X8 by 53.6% during the 4th 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 during the last quarter. Captrust Financial Advisors acquired a new stake in shares of 8X8 during the fourth quarter worth approximately $30,000. Cibc World Markets Corp bought a new stake in shares of 8X8 in the fourth quarter worth $32,000. O Shaughnessy Asset Management LLC acquired a new stake in 8X8 in the fourth quarter valued at $34,000. Finally, Sand Hill Global Advisors LLC bought a new position in 8X8 during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 93.99% of the company's stock.

Insider Activity at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 101,678 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $2.23, for a total transaction of $226,741.94. Following the completion of the transaction, the insider now directly owns 14,085,649 shares of the company's stock, valued at approximately $31,410,997.27. This trade represents a 0.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 254,678 shares of company stock worth $562,412 over the last quarter. 1.22% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

EGHT has been the topic of a number of research analyst reports. Mizuho reduced their target price on 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a report on Tuesday, April 15th. Barclays boosted their target price on shares of 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. B. Riley restated a "buy" rating and issued a $3.00 price target (down from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $2.70 price target on shares of 8X8 in a report on Tuesday, May 20th. Finally, Wall Street Zen lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $2.51.

8X8 Stock Performance

8X8 stock traded up $0.06 during mid-day trading on Wednesday, hitting $1.75. 1,640,927 shares of the company's stock traded hands, compared to its average volume of 1,088,735. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8x8, Inc. has a one year low of $1.51 and a one year high of $3.52. The firm has a 50 day moving average price of $1.74 and a 200 day moving average price of $2.37. The company has a market cap of $235.34 million, a PE ratio of -4.86, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79.

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.