Susquehanna Fundamental Investments LLC Buys New Shares in 8x8, Inc. (NASDAQ:EGHT)

Susquehanna Fundamental Investments LLC bought a new stake in 8x8, Inc. (NASDAQ:EGHT - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 262,992 shares of the company's stock, valued at approximately $702,000. Susquehanna Fundamental Investments LLC owned 0.20% of 8X8 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in EGHT. Pallas Capital Advisors LLC purchased a new position in 8X8 in the 4th quarter worth $29,000. Picton Mahoney Asset Management increased its holdings in shares of 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after acquiring an additional 3,876 shares in the last quarter. Cibc World Markets Corp purchased a new position in shares of 8X8 in the 4th quarter valued at about $32,000. O Shaughnessy Asset Management LLC purchased a new position in shares of 8X8 during the 4th quarter worth $34,000. Finally, Virtu Financial LLC purchased a new position in 8X8 in the third quarter valued at $36,000. Institutional investors and hedge funds own 93.99% of the company's stock.

Insider Buying and Selling at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the company's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares in the company, valued at $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Sylebra Capital Llc sold 50,000 shares of the company's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00. Following the sale, the insider now directly owns 14,187,327 shares in the company, valued at $30,360,879.78. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,678 shares of company stock valued at $590,602. Company insiders own 1.22% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Rosenblatt Securities lowered their price objective on shares of 8X8 from $3.30 to $2.70 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Morgan Stanley dropped their price objective on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company reduced their price target on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a report on Tuesday, April 22nd. Barclays boosted their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Finally, Needham & Company LLC boosted their price target on 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $2.66.

8X8 Price Performance

Shares of NASDAQ EGHT traded up $0.06 during midday trading on Thursday, reaching $1.82. The stock had a trading volume of 409,656 shares, compared to its average volume of 1,040,334. 8x8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The stock has a 50-day moving average of $1.93 and a 200-day moving average of $2.47. The company has a market capitalization of $239.02 million, a price-to-earnings ratio of -5.04, a price-to-earnings-growth ratio of 6.08 and a beta of 1.80.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. As a group, research analysts anticipate that 8x8, Inc. will post 0.04 EPS for the current fiscal year.

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.