Nuveen LLC Acquires New Position in 8x8 Inc $EGHT

Key Points

• Nuveen LLC has acquired 319,315 shares of 8x8 Inc, valued at approximately $639,000, marking a new position in the company.
• Institutional ownership has reached 93.99% of 8x8's stock, with multiple investors, including Bank of America and Vanguard Group, increasing their stakes in recent months.
• The stock currently holds a consensus rating of "Hold" with various analysts setting price targets, ranging from $1.90 to $3.00.

Nuveen LLC bought a new position in 8x8 Inc (NASDAQ:EGHT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 319,315 shares of the company's stock, valued at approximately $639,000. Nuveen LLC owned 0.24% of 8X8 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of EGHT. Wells Fargo & Company MN boosted its holdings in 8X8 by 45.5% during the fourth quarter. Wells Fargo & Company MN now owns 65,137 shares of the company's stock valued at $174,000 after purchasing an additional 20,371 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of 8X8 in the 4th quarter valued at $144,000. Barclays PLC grew its stake in shares of 8X8 by 8.9% in the fourth quarter. Barclays PLC now owns 235,350 shares of the company's stock worth $628,000 after purchasing an additional 19,227 shares during the last quarter. MetLife Investment Management LLC boosted its position in 8X8 by 169.0% during the fourth quarter. MetLife Investment Management LLC now owns 76,854 shares of the company's stock valued at $205,000 after acquiring an additional 48,280 shares during the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of 8X8 by 12.9% in the 4th quarter. Hsbc Holdings PLC now owns 85,321 shares of the company's stock worth $232,000 after acquiring an additional 9,723 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Price Performance

NASDAQ EGHT traded up $0.01 during trading hours on Monday, reaching $2.08. The company's stock had a trading volume of 240,457 shares, compared to its average volume of 1,116,079. 8x8 Inc has a 1-year low of $1.52 and a 1-year high of $3.52. The company's 50-day moving average is $1.96 and its two-hundred day moving average is $1.93. The firm has a market capitalization of $282.97 million, a price-to-earnings ratio of -12.97, a P/E/G ratio of 2.26 and a beta of 1.86. The company has a debt-to-equity ratio of 2.56, a current ratio of 1.18 and a quick ratio of 1.18.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a research report on Saturday, August 30th. Wall Street Zen upgraded shares of 8X8 from a "buy" rating to a "strong-buy" rating in a report on Friday. B. Riley reiterated a "buy" rating and set a $3.00 price target (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Rosenblatt Securities reissued a "buy" rating and issued a $2.50 target price on shares of 8X8 in a research note on Thursday, August 21st. Finally, Morgan Stanley set a $1.90 price target on shares of 8X8 in a report on Friday, August 29th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2.49.

Insider Activity at 8X8

In other news, major shareholder Sylebra Capital Llc sold 200,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total transaction of $368,000.00. Following the completion of the sale, the insider owned 13,885,649 shares of the company's stock, valued at approximately $25,549,594.16. This represents a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $49,755.55. Following the sale, the director directly owned 187,293 shares of the company's stock, valued at approximately $383,950.65. The trade was a 11.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 334,741 shares of company stock worth $615,895. 2.01% of the stock is currently owned by company 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.