Segall Bryant & Hamill LLC Acquires New Shares in 8x8 Inc (NASDAQ:EGHT)

Segall Bryant & Hamill LLC acquired a new stake in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) in the first quarter, according to its most recent filing with the Securities and 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 quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Captrust Financial Advisors purchased a new stake in 8X8 during the 4th quarter valued at approximately $30,000. Cibc World Markets Corp purchased a new stake in 8X8 during the 4th quarter valued at approximately $32,000. O Shaughnessy Asset Management LLC bought a new position in shares of 8X8 during the 4th quarter valued at approximately $34,000. Sand Hill Global Advisors LLC bought a new position in shares of 8X8 during the 4th quarter valued at approximately $42,000. Finally, Bayesian Capital Management LP bought a new position in shares of 8X8 during the 4th quarter valued at approximately $43,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a report on Saturday, July 12th. Wells Fargo & Company reduced their target price on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. Rosenblatt Securities reiterated a "buy" rating and issued a $2.70 target price on shares of 8X8 in a research note on Tuesday, May 20th. Morgan Stanley reduced their target price on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 21st. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, 8X8 has an average rating of "Hold" and an average price target of $2.51.

8X8 Stock Down 1.5%

NASDAQ EGHT traded down $0.03 during trading hours on Friday, hitting $1.93. 598,501 shares of the company were exchanged, compared to its average volume of 1,089,627. The company has a 50 day moving average of $1.85 and a two-hundred day moving average of $2.15. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.77. 8x8 Inc has a 52-week low of $1.51 and a 52-week high of $3.52. The firm has a market cap of $259.54 million, a price-to-earnings ratio of -9.19 and a beta of 1.83.

Insider Activity

In other 8X8 news, major shareholder Sylebra Capital Llc sold 103,826 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the completion of the sale, the insider directly owned 13,781,823 shares of the company's stock, valued at approximately $24,669,463.17. This trade represents a 0.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 311,470 shares of company stock valued at $567,950. 2.01% of the stock is owned by corporate 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.