Arrowstreet Capital Limited Partnership Buys New Shares in 8×8, Inc. (NASDAQ:EGHT)

Arrowstreet Capital Limited Partnership purchased a new position in 8×8, Inc. (NASDAQ:EGHT) in the fourth quarter, Holdings Channel reports. The fund purchased 796,293 shares of the company’s stock, valued at approximately $2,126,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pallas Capital Advisors LLC purchased a new stake in 8X8 in the 4th quarter valued at $29,000. Picton Mahoney Asset Management raised its holdings in 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after purchasing an additional 3,876 shares in the last quarter. Cibc World Markets Corp acquired a new stake in shares of 8X8 in the 4th quarter valued at approximately $32,000. Virtu Financial LLC acquired a new stake in 8X8 in the third quarter valued at $36,000. Finally, Heron Bay Capital Management purchased a new stake in 8X8 during the fourth quarter worth about $69,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Rosenblatt Securities dropped their target price on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research note on Monday, February 3rd. Morgan Stanley increased their price target on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Tuesday. Finally, Needham & Company LLC lifted their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a report on Wednesday, February 5th. 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 MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.99.

Insider Buying and Selling

In other 8X8 news, major shareholder Sylebra Capital Llc sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $2.14, for a total value of $107,000.00. Following the completion of the transaction, the insider now owns 14,187,327 shares of the company’s stock, valued at $30,360,879.78. This represents a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares of the company’s stock, valued at $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 263,678 shares of company stock worth $591,532 in the last quarter. 1.22% of the stock is currently owned by company insiders.

8X8 Stock Down 9.3 %

Shares of NASDAQ:EGHT opened at $1.65 on Friday. The company has a market cap of $217.30 million, a PE ratio of -4.58, a price-to-earnings-growth ratio of 6.08 and a beta of 1.81. The firm has a 50 day simple moving average of $2.37 and a 200 day simple moving average of $2.51. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52.

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

About 8X8

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.