Arrowstreet Capital Limited Partnership Purchases Shares of 796,293 8x8, Inc. (NASDAQ:EGHT)

Arrowstreet Capital Limited Partnership bought a new position in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 796,293 shares of the company's stock, valued at approximately $2,126,000. Arrowstreet Capital Limited Partnership owned approximately 0.60% of 8X8 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in EGHT. Pallas Capital Advisors LLC purchased a new stake in shares of 8X8 during the fourth quarter valued at about $29,000. Picton Mahoney Asset Management boosted its stake in 8X8 by 53.6% in 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 8X8 in the fourth quarter worth $32,000. Virtu Financial LLC acquired a new position in shares of 8X8 during the third quarter worth $36,000. Finally, Heron Bay Capital Management purchased a new stake in shares of 8X8 during the 4th quarter valued at $69,000. Hedge funds and other institutional investors own 93.99% of the company's stock.

Insider Activity at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the transaction, the insider now directly owns 14,289,476 shares of the company's stock, valued at $31,865,531.48. The trade was a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Laurence Denny sold 10,000 shares of the business'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 completion of the transaction, the insider now 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 263,678 shares of company stock valued at $590,602. 1.22% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EGHT. Mizuho reduced their target price on 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research report on Tuesday. Morgan Stanley increased their price objective on shares of 8X8 from $2.00 to $2.60 and gave the company an "underweight" rating in a research report on Wednesday, December 18th. Barclays boosted their price target on 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Rosenblatt Securities reduced their target price on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating for the company in a report on Monday, February 3rd. Finally, StockNews.com lowered 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 5th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, 8X8 currently has a consensus rating of "Hold" and a consensus target price of $2.91.

8X8 Price Performance

EGHT traded down $0.07 on Wednesday, hitting $1.58. 90,982 shares of the company's stock were exchanged, compared to its average volume of 1,024,427. The firm has a 50-day moving average price of $2.31 and a 200-day moving average price of $2.51. The stock has a market cap of $207.42 million, a price-to-earnings ratio of -4.35, a P/E/G ratio of 6.08 and a beta of 1.81. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. 8x8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating 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, equities analysts anticipate that 8x8, Inc. will post 0.04 earnings per share for the current year.

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.