Kent Lake Capital LLC bought a new stake in 8x8, Inc. (NASDAQ:EGHT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,750,000 shares of the company's stock, valued at approximately $10,395,000. 8X8 makes up 4.0% of Kent Lake Capital LLC's portfolio, making the stock its 6th biggest holding. Kent Lake Capital LLC owned about 2.23% of 8X8 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Putnam Investments LLC purchased a new position in shares of 8X8 in the fourth quarter valued at approximately $426,000. Invenomic Capital Management LP lifted its position in shares of 8X8 by 91.1% in the fourth quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company's stock valued at $7,854,000 after acquiring an additional 990,352 shares in the last quarter. S Squared Technology LLC lifted its position in shares of 8X8 by 13.8% in the fourth quarter. S Squared Technology LLC now owns 1,546,863 shares of the company's stock valued at $5,847,000 after acquiring an additional 188,000 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of 8X8 by 73.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 93,235 shares of the company's stock valued at $352,000 after acquiring an additional 39,427 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its position in shares of 8X8 by 161.1% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 15,847 shares of the company's stock valued at $60,000 after acquiring an additional 9,778 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.
Insider Buying and Selling at 8X8
In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of 8X8 stock in a transaction on Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the sale, the chief executive officer now owns 1,022,288 shares in the company, valued at $2,719,286.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Suzy M. Seandel sold 8,800 shares of 8X8 stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $3.31, for a total value of $29,128.00. Following the completion of the sale, the chief accounting officer now directly owns 275,346 shares of the company's stock, valued at $911,395.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Samuel C. Wilson sold 13,740 shares of 8X8 stock in a transaction on Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the sale, the chief executive officer now directly owns 1,022,288 shares of the company's stock, valued at $2,719,286.08. The disclosure for this sale can be found here. Insiders have sold 33,833 shares of company stock worth $97,906 over the last quarter. 1.08% of the stock is currently owned by company insiders.
8X8 Trading Down 3.5 %
NASDAQ:EGHT traded down $0.09 on Friday, reaching $2.46. The company's stock had a trading volume of 729,199 shares, compared to its average volume of 1,174,131. 8x8, Inc. has a 12-month low of $2.15 and a 12-month high of $4.88. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 3.73. The firm has a market cap of $303.61 million, a price-to-earnings ratio of -5.59 and a beta of 1.46. The stock has a 50 day moving average price of $2.78 and a 200 day moving average price of $2.96.
Analysts Set New Price Targets
EGHT has been the topic of a number of analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $5.00 price objective on shares of 8X8 in a research report on Thursday, February 1st. Rosenblatt Securities reiterated a "buy" rating and set a $4.00 price objective on shares of 8X8 in a research report on Monday, March 18th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $3.72.
View Our Latest Report on 8X8
8X8 Company Profile
(
Free Report)
8x8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8x8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8x8 Contact Center, a multi-channel cloud-based contact center solution; and 8x8 CPaaS, a set of global communications Platform-as-a-Service.
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