Voya Investment Management LLC Has $2.35 Million Position in 8x8, Inc. (NASDAQ:EGHT)

Voya Investment Management LLC lowered its stake in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 28.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 881,580 shares of the company's stock after selling 343,736 shares during the period. Voya Investment Management LLC owned about 0.67% of 8X8 worth $2,354,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of EGHT. Geode Capital Management LLC increased its position in 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company's stock worth $6,085,000 after purchasing an additional 237,181 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in 8X8 during the fourth quarter valued at approximately $2,126,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in 8X8 by 17.5% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock valued at $2,131,000 after acquiring an additional 118,686 shares during the last quarter. Barclays PLC grew its position in 8X8 by 198.8% in the third quarter. Barclays PLC now owns 216,123 shares of the company's stock worth $440,000 after acquiring an additional 143,791 shares in the last quarter. Finally, Boston Partners increased its stake in shares of 8X8 by 3.9% during the 4th quarter. Boston Partners now owns 6,644,856 shares of the company's stock worth $17,742,000 after purchasing an additional 252,083 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the company's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the sale, the insider now directly owns 233,791 shares of the company's stock, valued at approximately $701,373. This represents a 4.10 % 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 link. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the completion of the transaction, the insider now owns 14,289,476 shares of the company's stock, valued at $31,865,531.48. This trade represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,678 shares of company stock worth $590,602 over the last quarter. Company insiders own 1.22% of the company's stock.

8X8 Stock Performance

Shares of EGHT traded up $0.02 on Friday, reaching $1.85. 448,561 shares of the stock traded hands, compared to its average volume of 1,103,092. The stock's 50-day moving average price is $1.92 and its 200-day moving average price is $2.47. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The firm has a market cap of $242.98 million, a price-to-earnings ratio of -5.12, a P/E/G ratio of 6.08 and a beta of 1.80. 8x8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Needham & Company LLC increased their target price on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research note on Thursday, April 24th. Wells Fargo & Company lowered their price target on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley reduced 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. Finally, Barclays raised their target price 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. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $2.66.

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.