Intech Investment Management LLC Acquires 17,223 Shares of 8×8, Inc. (NASDAQ:EGHT)

Intech Investment Management LLC grew its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 71.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 41,479 shares of the company’s stock after purchasing an additional 17,223 shares during the period. Intech Investment Management LLC’s holdings in 8X8 were worth $111,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in EGHT. Invenomic Capital Management LP raised its stake in 8X8 by 10.5% during the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares during the last quarter. Geode Capital Management LLC raised its position in shares of 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after purchasing an additional 237,181 shares during the last quarter. FMR LLC boosted its stake in 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after purchasing an additional 314,441 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in 8X8 by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company’s stock valued at $3,788,000 after purchasing an additional 80,042 shares during the last quarter. Finally, B. Riley Financial Inc. bought a new stake in 8X8 during the 3rd quarter valued at about $1,997,000. 93.99% of the stock is owned by institutional investors.

Insider Buying and Selling at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 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 transaction, the insider now 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 available through the SEC website. Also, insider Laurence Denny sold 10,000 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 233,791 shares of the company’s stock, valued at approximately $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 263,678 shares of company stock valued at $591,532. Company insiders own 1.22% of the company’s stock.

Wall Street Analyst Weigh In

EGHT has been the topic of a number of recent analyst reports. Mizuho cut shares of 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 report 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. Barclays boosted their price target on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, March 22nd. Finally, Needham & Company LLC boosted their target price on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, 8X8 has an average rating of “Hold” and a consensus price target of $2.99.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.11 on Friday. 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 market capitalization of $277.87 million, a PE ratio of -5.86, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The firm’s 50 day moving average price is $2.60 and its 200-day moving average price is $2.51. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.52.

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

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.