8x8, Inc. (NASDAQ:EGHT) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE grew its stake in 8x8, Inc. (NASDAQ:EGHT - Free Report) by 7.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its position in 8X8 by 4.0% in the fourth quarter. Ameriprise Financial Inc. now owns 366,376 shares of the company's stock worth $978,000 after buying an additional 14,022 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in 8X8 during the fourth quarter valued at $51,000. AQR Capital Management LLC raised its stake in shares of 8X8 by 4.8% in the fourth quarter. AQR Capital Management LLC now owns 1,772,844 shares of the company's stock valued at $4,733,000 after acquiring an additional 81,843 shares during the period. Northern Trust Corp lifted 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 acquiring an additional 46,481 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of 8X8 in the 4th quarter worth about $702,000. Hedge funds and other institutional investors own 93.99% of the company's stock.

Analyst Ratings Changes

EGHT has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research report on Saturday, May 24th. Rosenblatt Securities reiterated a "buy" rating and issued a $2.70 price target on shares of 8X8 in a report on Tuesday, May 20th. Wall Street Zen lowered 8X8 from a "strong-buy" rating to a "buy" rating in a research note on Thursday. Morgan Stanley cut their price objective on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Mizuho reduced their target price on 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 15th. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $2.51.

8X8 Stock Up 2.5%

NASDAQ EGHT traded up $0.04 on Thursday, reaching $1.65. 781,954 shares of the stock traded hands, compared to its average volume of 1,082,835. 8x8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52. The company has a market cap of $217.30 million, a price-to-earnings ratio of -4.58, a PEG ratio of 6.08 and a beta of 1.80. The company has a fifty day moving average price of $1.78 and a 200-day moving average price of $2.41. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of the firm's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00. Following the sale, the insider now owns 14,187,327 shares of the company's stock, valued at $30,360,879.78. This trade represents 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 through this link. Over the last ninety days, insiders have sold 254,678 shares of company stock worth $562,412. Corporate insiders own 1.22% of the company's stock.

8X8 Company Profile

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.