Connor Clark & Lunn Investment Management Ltd. Invests $1.18 Million in 8x8 Inc $EGHT

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 692,349 shares of the company's stock, valued at approximately $1,184,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.48% of 8X8 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Sequoia Financial Advisors LLC bought a new position in 8X8 during the 1st quarter worth approximately $25,000. Heron Bay Capital Management bought a new stake in shares of 8X8 in the 2nd quarter worth $25,000. Prelude Capital Management LLC bought a new position in shares of 8X8 during the 3rd quarter valued at about $26,000. CIBC Bancorp USA Inc. acquired a new position in shares of 8X8 in the 3rd quarter worth $30,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of 8X8 during the third quarter valued at approximately $31,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Price Performance

Shares of EGHT stock opened at $1.99 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.83. The firm has a market capitalization of $287.44 million, a price-to-earnings ratio of 49.76, a price-to-earnings-growth ratio of 1.37 and a beta of 1.83. The firm has a fifty day moving average of $1.96 and a 200-day moving average of $2.04. 8x8 Inc has a 12-month low of $1.57 and a 12-month high of $2.88.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.05. The firm had revenue of $190.17 million for the quarter, compared to analyst estimates of $182.47 million. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. On average, equities research analysts forecast that 8x8 Inc will post 0.2 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on EGHT shares. Weiss Ratings upgraded shares of 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a report on Thursday, June 4th. Rosenblatt Securities reissued a "buy" rating and issued a $3.00 price target on shares of 8X8 in a report on Wednesday, August 5th. Finally, B. Riley Financial reaffirmed a "buy" rating and set a $3.25 price objective (up from $3.00) on shares of 8X8 in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $3.12.

Insider Buying and Selling at 8X8

In other 8X8 news, Director Elizabeth Harriet Theophille sold 20,207 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $1.81, for a total transaction of $36,574.67. Following the completion of the sale, the director directly owned 167,086 shares in the company, valued at $302,425.66. This trade represents a 10.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kevin Kraus sold 34,329 shares of 8X8 stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $2.32, for a total transaction of $79,643.28. Following the completion of the sale, the chief financial officer owned 958,324 shares of the company's stock, valued at $2,223,311.68. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. 2.13% of the stock is currently owned by company insiders.

8X8 Profile

8x8, Inc NASDAQ: EGHT is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company's unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8x8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8x8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.

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