1,455,203 Shares in 8x8 Inc (NASDAQ:EGHT) Acquired by Segall Bryant & Hamill LLC

Segall Bryant & Hamill LLC acquired a new position in 8x8 Inc (NASDAQ:EGHT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,455,203 shares of the company's stock, valued at approximately $2,910,000. Segall Bryant & Hamill LLC owned 1.10% of 8X8 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EGHT. Victory Capital Management Inc. lifted its stake in 8X8 by 81.3% in the first quarter. Victory Capital Management Inc. now owns 83,819 shares of the company's stock valued at $168,000 after buying an additional 37,589 shares during the period. Cerity Partners LLC grew its holdings in 8X8 by 34.8% during the first quarter. Cerity Partners LLC now owns 38,068 shares of the company's stock worth $76,000 after buying an additional 9,829 shares in the last quarter. Rhumbline Advisers grew its holdings in 8X8 by 11.0% during the first quarter. Rhumbline Advisers now owns 183,594 shares of the company's stock worth $367,000 after buying an additional 18,214 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in 8X8 by 89.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company's stock worth $75,000 after buying an additional 13,184 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in 8X8 by 89.4% during the fourth quarter. Mackenzie Financial Corp now owns 239,052 shares of the company's stock worth $638,000 after buying an additional 112,820 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Performance

NASDAQ EGHT traded up $0.09 on Tuesday, hitting $2.04. 587,365 shares of the company traded hands, compared to its average volume of 1,084,679. The company has a market capitalization of $274.34 million, a price-to-earnings ratio of -9.71 and a beta of 1.83. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.77. The business's 50 day moving average price is $1.85 and its 200-day moving average price is $2.15. 8x8 Inc has a 52-week low of $1.51 and a 52-week high of $3.52.

Insider Activity at 8X8

In related news, major shareholder Sylebra Capital Llc sold 200,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total value of $368,000.00. Following the sale, the insider directly owned 13,885,649 shares in the company, valued at approximately $25,549,594.16. The trade was a 1.42% 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. Insiders sold 311,470 shares of company stock valued at $567,950 in the last quarter. 2.01% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. B. Riley reaffirmed a "buy" rating and set a $3.00 price target (down previously from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Wells Fargo & Company dropped their price objective on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Wall Street Zen raised 8X8 from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 21st. Morgan Stanley dropped their price objective on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. Finally, Mizuho dropped their price objective on 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $2.51.

8X8 Company Profile

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.