Jacobs Levy Equity Management Inc. Acquires 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) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Segall Bryant & Hamill LLC purchased a new stake in 8X8 during the first quarter valued at approximately $2,910,000. Vanguard Group Inc. grew its position in shares of 8X8 by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock valued at $26,019,000 after acquiring an additional 393,478 shares during the period. Two Sigma Advisers LP increased its stake in shares of 8X8 by 39.2% in the 4th 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. Two Sigma Investments LP increased its stake in shares of 8X8 by 49.2% in the 4th quarter. Two Sigma Investments LP now owns 1,014,048 shares of the company's stock worth $2,708,000 after purchasing an additional 334,348 shares in the last quarter. Finally, Nuveen LLC bought a new position in 8X8 in the 1st quarter worth $639,000. Hedge funds and other institutional investors own 93.99% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Morgan Stanley set a $1.90 price target on 8X8 in a report on Friday, August 29th. Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Rosenblatt Securities reissued a "buy" rating and issued a $2.50 target price on shares of 8X8 in a report on Thursday, August 21st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Saturday, August 30th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $2.49.

Insider Activity

In related news, Director Elizabeth Harriet Theophille sold 24,271 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $2.05, for a total value of $49,755.55. Following the sale, the director directly owned 187,293 shares in the company, valued at approximately $383,950.65. The trade was a 11.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.01% of the company's stock.

8X8 Price Performance

EGHT traded up $0.03 during trading on Monday, hitting $2.13. 381,352 shares of the company traded hands, compared to its average volume of 582,827. The company has a market cap of $290.47 million, a PE ratio of -13.31, a P/E/G ratio of 2.29 and a beta of 1.86. 8x8 Inc has a 1 year low of $1.52 and a 1 year high of $3.52. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 2.56. The stock's 50-day simple moving average is $1.97 and its two-hundred day simple moving average is $1.91.

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.