8x8 Inc $EGHT Shares Bought by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its stake in 8x8 Inc by 14.5%, owning approximately 1,009,384 shares worth around $2 million as of the first quarter.
• Various hedge funds have modified their holdings in 8x8, with 93.99% of the stock now owned by institutional investors, indicating strong institutional interest.
• Despite a recent "strong-buy" rating from Wall Street Zen, analysts remain divided on 8x8's outlook, with a consensus rating of "Hold" and an average price target of $2.49.

Voya Investment Management LLC increased its holdings in 8x8 Inc (NASDAQ:EGHT - Free Report) by 14.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,009,384 shares of the company's stock after buying an additional 127,804 shares during the quarter. Voya Investment Management LLC owned about 0.75% of 8X8 worth $2,019,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. National Bank of Canada FI purchased a new stake in 8X8 in the 1st quarter worth approximately $26,000. Algert Global LLC purchased a new position in shares of 8X8 during the 1st quarter valued at approximately $29,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of 8X8 by 89.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company's stock valued at $75,000 after buying an additional 13,184 shares in the last quarter. Cerity Partners LLC lifted its position in shares of 8X8 by 34.8% during the 1st quarter. Cerity Partners LLC now owns 38,068 shares of the company's stock valued at $76,000 after buying an additional 9,829 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of 8X8 by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 36,000 shares of the company's stock valued at $96,000 after buying an additional 11,846 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company's stock.

8X8 Stock Up 2.8%

EGHT stock traded up $0.06 during trading on Monday, hitting $2.18. 486,947 shares of the company's stock were exchanged, compared to its average volume of 596,902. The business has a 50-day moving average price of $1.97 and a two-hundred day moving average price of $1.90. The stock has a market capitalization of $297.29 million, a price-to-earnings ratio of 21.20, a PEG ratio of 2.31 and a beta of 1.86. 8x8 Inc has a 52-week low of $1.52 and a 52-week 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.

Insiders Place Their Bets

In other 8X8 news, Director Elizabeth Harriet Theophille sold 24,271 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $383,950.65. The trade was a 11.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.01% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Morgan Stanley set a $1.90 target price on 8X8 in a research report on Friday, August 29th. Wall Street Zen upgraded 8X8 from a "buy" rating to a "strong-buy" rating in a report on Friday, September 5th. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a report on Saturday, September 13th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $2.50 price target on shares of 8X8 in a report on Thursday, August 21st. 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 company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $2.49.

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.