Acadian Asset Management LLC increased its stake in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 60.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,601,752 shares of the company's stock after buying an additional 982,342 shares during the period. Acadian Asset Management LLC owned about 1.98% of 8X8 worth $5,201,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Northern Trust Corp raised its holdings in shares of 8X8 by 4.5% in the 4th quarter. Northern Trust Corp now owns 1,072,987 shares of the company's stock worth $2,865,000 after purchasing an additional 46,481 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in 8X8 during the fourth quarter valued at about $51,000. Ameriprise Financial Inc. grew its stake in 8X8 by 4.0% in the 4th quarter. Ameriprise Financial Inc. now owns 366,376 shares of the company's stock valued at $978,000 after buying an additional 14,022 shares in the last quarter. Bank of America Corp DE raised its stake in shares of 8X8 by 7.0% during the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock valued at $10,133,000 after purchasing an additional 249,798 shares during the period. Finally, Captrust Financial Advisors purchased a new stake in 8X8 during the 4th quarter worth about $30,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, Director Elizabeth Harriet Theophille sold 24,271 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $2.05, for a total value of $49,755.55. Following the transaction, the director owned 187,293 shares of the company's stock, valued at $383,950.65. This trade represents a 11.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.01% of the stock is currently owned by insiders.
8X8 Stock Performance
Shares of NASDAQ:EGHT traded up $0.03 during trading on Monday, hitting $2.13. The company's stock had a trading volume of 381,352 shares, compared to its average volume of 582,827. The company has a 50-day moving average of $1.97 and a 200-day moving average of $1.91. The company has a debt-to-equity ratio of 2.56, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $290.47 million, a price-to-earnings ratio of -13.31, a P/E/G ratio of 2.29 and a beta of 1.86. 8x8 Inc has a 12 month low of $1.52 and a 12 month high of $3.52.
Analyst Ratings Changes
A number of research firms have weighed in on EGHT. Morgan Stanley set a $1.90 target price on 8X8 in a report on Friday, August 29th. Wall Street Zen raised shares of 8X8 from a "buy" rating to a "strong-buy" rating in a report on Friday, September 5th. Rosenblatt Securities reissued a "buy" rating and issued a $2.50 price target on shares of 8X8 in a report on Thursday, August 21st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Saturday, August 30th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $2.49.
Check Out Our Latest Stock Report on EGHT
8X8 Company Profile
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Free Report)
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.
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