8×8, Inc. (NASDAQ:EGHT) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 17.5% in the 4th quarter, according to the company in 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 acquiring an additional 118,686 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.61% of 8X8 worth $2,131,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Pallas Capital Advisors LLC acquired a new stake in shares of 8X8 during the 4th quarter valued at approximately $29,000. Virtu Financial LLC bought a new stake in 8X8 during the third quarter valued at $36,000. Intech Investment Management LLC bought a new position in shares of 8X8 in the 3rd quarter worth about $49,000. Ieq Capital LLC acquired a new position in shares of 8X8 in the 4th quarter valued at about $85,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of 8X8 in the 3rd quarter valued at about $108,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research note on Friday, March 7th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $2.75 to $2.50 in a research report on Friday, December 13th. Morgan Stanley increased their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Finally, Needham & Company LLC boosted their target price 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. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $2.99.

8X8 Stock Performance

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 stock has a market capitalization of $292.36 million, a PE ratio of -6.17, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The firm has a 50 day simple moving average of $2.66 and a 200-day simple moving average of $2.51. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24.

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

Insider Transactions at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the transaction, the insider now owns 233,791 shares in the company, valued at approximately $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 12,000 shares of company stock valued at $34,790 in the last quarter. Insiders own 1.22% of the company’s stock.

8X8 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.