Boston Partners Has $2.46 Million Position in 8x8, Inc. (NASDAQ:EGHT)

Boston Partners raised its holdings in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 241.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 649,480 shares of the company's stock after purchasing an additional 459,077 shares during the period. Boston Partners owned 0.53% of 8X8 worth $2,455,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Sylebra Capital LLC purchased a new stake in 8X8 in the third quarter valued at about $36,261,000. Bank of New York Mellon Corp lifted its position in shares of 8X8 by 210.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company's stock valued at $7,524,000 after buying an additional 2,024,020 shares in the last quarter. Impax Asset Management Group plc grew its position in shares of 8X8 by 34.2% in the third quarter. Impax Asset Management Group plc now owns 3,330,000 shares of the company's stock valued at $8,392,000 after purchasing an additional 848,201 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in 8X8 by 278.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 464,555 shares of the company's stock worth $1,171,000 after buying an additional 341,707 shares during the last quarter. Finally, B. Riley Asset Management LLC boosted its stake in shares of 8X8 by 23.1% in the third quarter. B. Riley Asset Management LLC now owns 1,566,158 shares of the company's stock worth $3,947,000 after acquiring an additional 294,181 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

Insider Activity

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the company's stock in a transaction on Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the completion of the transaction, the chief executive officer now owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 32,289 shares of company stock valued at $81,979. Insiders own 1.08% of the company's stock.

8X8 Stock Up 3.0 %

Shares of NASDAQ:EGHT traded up $0.08 on Friday, hitting $2.76. 684,190 shares of the company's stock were exchanged, compared to its average volume of 1,152,754. The firm's 50-day moving average is $2.53 and its 200 day moving average is $2.95. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.31 and a current ratio of 1.44. The company has a market capitalization of $340.64 million, a PE ratio of -5.02 and a beta of 1.46. 8x8, Inc. has a 1-year low of $2.12 and a 1-year high of $4.88.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. The firm had revenue of $179.41 million during the quarter, compared to analysts' expectations of $178.85 million. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The business's revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) EPS. Sell-side analysts predict that 8x8, Inc. will post -0.07 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. StockNews.com lowered 8X8 from a "buy" rating to a "hold" rating in a research report on Friday, May 10th. Morgan Stanley reduced their price objective on shares of 8X8 from $3.80 to $3.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 17th. Needham & Company LLC decreased their price target on 8X8 from $5.00 to $3.50 and set a "buy" rating on the stock in a research note on Thursday, May 9th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $4.00 price target on shares of 8X8 in a research report on Monday, March 18th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $3.54.

About 8X8

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.