Bank of America Corp DE increased its position in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 7.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,795,150 shares of the company's stock after purchasing an additional 249,798 shares during the period. Bank of America Corp DE owned approximately 2.88% of 8X8 worth $10,133,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership acquired a new position in 8X8 during the 4th quarter worth approximately $2,126,000. Renaissance Technologies LLC raised its position in 8X8 by 1,101.0% in the fourth quarter. Renaissance Technologies LLC now owns 440,777 shares of the company's stock worth $1,177,000 after acquiring an additional 404,077 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in 8X8 during the fourth quarter worth about $702,000. Boston Partners increased its holdings in 8X8 by 3.9% in the fourth quarter. Boston Partners now owns 6,644,856 shares of the company's stock valued at $17,742,000 after buying an additional 252,083 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in 8X8 by 17.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock valued at $2,131,000 after buying an additional 118,686 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.
8X8 Price Performance
8X8 stock traded up $0.07 during midday trading on Tuesday, reaching $1.66. 1,384,923 shares of the company were exchanged, compared to its average volume of 1,084,964. The firm's 50-day simple moving average is $1.81 and its 200-day simple moving average is $2.43. 8x8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.52. The company has a market capitalization of $218.61 million, a price-to-earnings ratio of -4.61, a P/E/G ratio of 6.08 and a beta of 1.80. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25.
Wall Street Analyst Weigh In
Several brokerages have recently commented on EGHT. Rosenblatt Securities reissued a "buy" rating and set a $2.70 price target on shares of 8X8 in a research note on Tuesday, May 20th. Wall Street Zen downgraded 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, May 21st. Morgan Stanley lowered their target price on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. Barclays raised their price target on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Finally, Needham & Company LLC boosted their price objective on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, 8X8 presently has a consensus rating of "Hold" and a consensus price target of $2.51.
Read Our Latest Research Report on 8X8
Insider Transactions at 8X8
In other news, 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 value of $107,000.00. Following the completion of the sale, the insider now owns 14,187,327 shares of the company's stock, 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 Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 254,678 shares of company stock worth $562,412 over the last ninety days. 1.22% of the stock is currently owned by corporate insiders.
8X8 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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