Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of 8x8, Inc. (NASDAQ:EGHT - Free Report) by 17.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 798,267 shares of the company's stock after buying an additional 118,686 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.61% of 8X8 worth $2,131,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EGHT. GSA Capital Partners LLP bought a new stake in 8X8 during the 3rd quarter valued at about $332,000. Victory Capital Management Inc. lifted its holdings in 8X8 by 138.2% during the 3rd quarter. Victory Capital Management Inc. now owns 76,273 shares of the company's stock valued at $156,000 after buying an additional 44,255 shares in the last quarter. Intech Investment Management LLC bought a new stake in 8X8 during the 3rd quarter valued at about $49,000. Charles Schwab Investment Management Inc. lifted its holdings in 8X8 by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company's stock valued at $2,731,000 after buying an additional 23,731 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in 8X8 during the 3rd quarter valued at about $108,000. Institutional investors own 93.99% of the company's stock.
8X8 Stock Down 0.9 %
Shares of 8X8 stock traded down $0.02 on Friday, reaching $2.16. The stock had a trading volume of 1,597,573 shares, compared to its average volume of 993,497. The company has a 50 day moving average price of $2.63 and a 200 day moving average price of $2.50. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8x8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.52. The stock has a market capitalization of $284.46 million, a P/E ratio of -6.00, a P/E/G ratio of 6.08 and a beta of 1.78.
8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (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%. As a group, equities research analysts forecast that 8x8, Inc. will post 0.04 EPS for the current year.
Insiders Place Their Bets
In other 8X8 news, major shareholder Sylebra Capital Llc sold 100,000 shares of the business's 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 sale, the insider now owns 14,289,476 shares of the company's stock, valued at approximately $31,865,531.48. The trade was a 0.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Laurence Denny sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The stock was 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 in the company, valued at approximately $701,373. This represents a 4.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,000 shares of company stock valued at $257,790. Insiders own 1.22% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts have recently commented on EGHT shares. Barclays boosted their price target on shares of 8X8 from $2.50 to $3.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Needham & Company LLC boosted their price target on shares of 8X8 from $3.00 to $3.50 and gave the company a "buy" rating in a report on Wednesday, February 5th. Mizuho lowered shares of 8X8 from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $2.75 to $2.50 in a report on Friday, December 13th. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a report on Friday, March 7th. Finally, Morgan Stanley boosted their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an "underweight" rating in a report on Wednesday, December 18th. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $2.99.
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About 8X8
(
Free Report)
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.
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