Voya Investment Management LLC Raises Holdings in 8x8 Inc $EGHT

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 lifted its holdings in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 14.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,009,384 shares of the company's stock after purchasing an additional 127,804 shares during the period. Voya Investment Management LLC owned about 0.75% of 8X8 worth $2,019,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Segall Bryant & Hamill LLC purchased a new stake in 8X8 in the 1st quarter worth approximately $2,910,000. Vanguard Group Inc. grew its stake in 8X8 by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after acquiring an additional 393,478 shares during the period. Two Sigma Advisers LP grew its stake in 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 acquiring an additional 343,400 shares during the period. Nuveen LLC purchased a new stake in 8X8 in the 1st quarter worth approximately $639,000. Finally, Two Sigma Investments LP grew its stake in 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 acquiring an additional 334,348 shares during the period. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.12 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. 8x8 Inc has a fifty-two week low of $1.52 and a fifty-two week high of $3.52. The firm has a 50-day simple moving average of $1.97 and a 200 day simple moving average of $1.90. The company has a market cap of $289.10 million, a PE ratio of -13.25, a P/E/G ratio of 2.31 and a beta of 1.86.

Insider Buying and Selling at 8X8

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

Wall Street Analyst Weigh In

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

8X8 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.

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