8×8, Inc. (NASDAQ:EGHT) Stock Holdings Lifted by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its position in 8×8, Inc. (NASDAQ:EGHT) by 17.5% in the 4th quarter, Holdings Channel reports. The fund owned 798,267 shares of the company’s stock after buying an additional 118,686 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in 8X8 were worth $2,131,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pallas Capital Advisors LLC acquired a new stake in 8X8 during the 4th quarter worth about $29,000. Virtu Financial LLC acquired a new stake in shares of 8X8 during the third quarter worth approximately $36,000. Intech Investment Management LLC acquired a new stake in shares of 8X8 during the third quarter worth approximately $49,000. Ieq Capital LLC purchased a new position in 8X8 during the fourth quarter valued at approximately $85,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in 8X8 in the 3rd quarter valued at approximately $108,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. 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. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $2.75 to $2.50 in a research note on Friday, December 13th. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Rosenblatt Securities lowered their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research note on Monday, February 3rd. Finally, Needham & Company LLC raised their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.99.

8X8 Price Performance

Shares of 8X8 stock opened at $2.22 on Wednesday. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The stock has a 50 day moving average price of $2.66 and a two-hundred day moving average price of $2.51. The stock has a market capitalization of $292.36 million, a P/E ratio of -6.17, a PEG ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) 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%. Equities analysts expect that 8×8, Inc. will post 0.04 earnings per share for the current year.

Insider Transactions at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the firm’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 value of $30,000.00. Following the sale, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 12,000 shares of company stock worth $34,790. Company insiders own 1.22% of the company’s stock.

8X8 Company Profile

8×8, 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.