Intech Investment Management LLC Increases Stake in 8×8, Inc. (NASDAQ:EGHT)

Intech Investment Management LLC grew its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 71.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 41,479 shares of the company’s stock after purchasing an additional 17,223 shares during the quarter. Intech Investment Management LLC’s holdings in 8X8 were worth $111,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Pallas Capital Advisors LLC purchased a new position in 8X8 during the 4th quarter valued at approximately $29,000. Picton Mahoney Asset Management grew its stake 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 buying an additional 3,876 shares during the last quarter. Cibc World Markets Corp bought a new position in 8X8 in the 4th quarter valued at $32,000. Virtu Financial LLC purchased a new position in 8X8 in the 3rd quarter worth about $36,000. Finally, Ieq Capital LLC purchased a new position in shares of 8X8 during the fourth quarter worth approximately $85,000. Institutional investors own 93.99% of the company’s stock.

Insiders Place Their Bets

In other news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the transaction, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $2.23, for a total value of $226,741.94. Following the completion of the transaction, the insider now directly owns 14,085,649 shares of the company’s stock, valued at $31,410,997.27. The trade was a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 263,678 shares of company stock valued at $591,532. Insiders own 1.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and cut their price target for the company from $2.75 to $2.50 in a research note on Friday, December 13th. 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 report on Wednesday, February 5th. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Needham & Company LLC increased their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley upped their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.99.

8X8 Stock Performance

Shares of EGHT opened at $2.11 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The firm has a market cap of $277.87 million, a PE ratio of -5.86, a P/E/G ratio of 6.08 and a beta of 1.78. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52. The stock has a fifty day moving average price of $2.60 and a 200-day moving average price of $2.51.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. Equities research analysts predict that 8×8, Inc. will post 0.04 earnings per share for the current fiscal year.

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.