Bank of America Corp DE Raises Stock Holdings in 8x8, Inc. (NASDAQ:EGHT)

Bank of America Corp DE boosted its stake in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 7.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,795,150 shares of the company's stock after buying an additional 249,798 shares during the quarter. Bank of America Corp DE owned approximately 2.88% of 8X8 worth $10,133,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cerity Partners LLC lifted its holdings in 8X8 by 11.8% during the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock worth $73,000 after buying an additional 2,983 shares during the period. Picton Mahoney Asset Management lifted 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 buying an additional 3,876 shares during the period. Rhumbline Advisers lifted its holdings in 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock worth $442,000 after buying an additional 8,100 shares during the period. Federated Hermes Inc. lifted its holdings in 8X8 by 1.5% during the 4th quarter. Federated Hermes Inc. now owns 623,453 shares of the company's stock worth $1,665,000 after buying an additional 9,114 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in 8X8 by 12.9% during the 4th quarter. Hsbc Holdings PLC now owns 85,321 shares of the company's stock worth $232,000 after buying an additional 9,723 shares during the period. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Down 2.1%

Shares of 8X8 stock traded down $0.04 on Wednesday, hitting $1.63. The company had a trading volume of 414,294 shares, compared to its average volume of 1,082,502. The stock has a market capitalization of $214.00 million, a price-to-earnings ratio of -4.57, a P/E/G ratio of 6.08 and a beta of 1.80. 8x8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.52. The stock has a 50 day moving average of $1.80 and a 200-day moving average of $2.42. 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 research analysts have commented on EGHT shares. B. Riley reaffirmed a "buy" rating and set a $3.00 target price (down from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Needham & Company LLC boosted their price objective on 8X8 from $3.00 to $3.50 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research note on Saturday. Barclays boosted their price objective on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Finally, Mizuho dropped their price objective 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 analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, 8X8 currently has a consensus rating of "Hold" and an average target price of $2.51.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total transaction of $223,000.00. Following the completion of the sale, the insider now directly owns 14,289,476 shares of the company's stock, valued at approximately $31,865,531.48. This trade represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 254,678 shares of company stock worth $562,412 over the last 90 days. 1.22% of the stock is currently owned by corporate insiders.

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.