Jacobs Levy Equity Management Inc. Purchases Shares of 431,674 8x8 Inc $EGHT

Key Points

• Jacobs Levy Equity Management Inc. acquired 431,674 shares of 8x8 Inc, valued at approximately $863,000, marking a new position for the fund in the company.
• The 8x8 stock has declined 5.4%, with a current trading price of $2.10, and analysts hold mixed views, with ratings ranging from "strong-buy" to "sell."
• Insider activity includes a sale by Director Elizabeth Harriet Theophille, who sold 24,271 shares at an average price of $2.05, reducing her ownership by 11.47%.

Jacobs Levy Equity Management Inc. purchased a new stake in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 431,674 shares of the company's stock, valued at approximately $863,000. Jacobs Levy Equity Management Inc. owned about 0.33% of 8X8 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Bank of America Corp DE lifted its position in 8X8 by 7.0% in the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock valued at $10,133,000 after buying an additional 249,798 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of 8X8 during the first quarter worth about $2,910,000. Vanguard Group Inc. lifted its position in shares of 8X8 by 3.1% during the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after purchasing an additional 393,478 shares in the last quarter. Two Sigma Advisers LP lifted its position in shares of 8X8 by 39.2% during the fourth quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company's stock worth $3,254,000 after purchasing an additional 343,400 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of 8X8 during the first quarter worth about $639,000. Institutional investors and hedge funds own 93.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Morgan Stanley set a $1.90 target price on shares of 8X8 in a research note on Friday, August 29th. Wall Street Zen upgraded shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Rosenblatt Securities restated a "buy" rating and set a $2.50 target price on shares of 8X8 in a research note on Thursday, August 21st. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research note on Saturday, September 13th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, 8X8 has a consensus rating of "Hold" and a consensus price target of $2.49.

Insider Buying and Selling at 8X8

In other 8X8 news, Director Elizabeth Harriet Theophille sold 24,271 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $2.05, for a total value of $49,755.55. Following the completion of the sale, the director owned 187,293 shares of the company's stock, valued at approximately $383,950.65. This trade represents a 11.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.01% of the stock is currently owned by corporate insiders.

8X8 Stock Performance

Shares of EGHT stock traded up $0.17 during trading hours on Thursday, hitting $2.21. The stock had a trading volume of 568,925 shares, compared to its average volume of 587,098. The firm has a market capitalization of $301.38 million, a PE ratio of -13.81, a PEG ratio of 2.22 and a beta of 1.87. 8x8 Inc has a twelve month low of $1.52 and a twelve month high of $3.52. The stock's 50 day moving average is $1.97 and its 200 day moving average is $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.

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.