Mercer Global Advisors Inc. ADV Acquires Shares of 19,151 8×8, Inc. (NASDAQ:EGHT)

Mercer Global Advisors Inc. ADV acquired a new stake in 8×8, Inc. (NASDAQ:EGHT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,151 shares of the company’s stock, valued at approximately $51,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Picton Mahoney Asset Management boosted its position 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 worth $30,000 after purchasing an additional 3,876 shares in the last quarter. Cibc World Markets Corp bought a new position in shares of 8X8 during the fourth quarter worth $32,000. O Shaughnessy Asset Management LLC bought a new position in shares of 8X8 during the fourth quarter worth $34,000. Sand Hill Global Advisors LLC bought a new position in shares of 8X8 during the fourth quarter worth $42,000. Finally, Heron Bay Capital Management bought a new position in shares of 8X8 during the fourth quarter worth $69,000. 93.99% of the stock is owned by institutional investors.

8X8 Stock Performance

EGHT opened at $1.81 on Friday. The stock has a market capitalization of $238.37 million, a P/E ratio of -5.03, a P/E/G ratio of 6.08 and a beta of 1.80. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52. The firm’s fifty day simple moving average is $1.87 and its 200 day simple moving average is $2.47. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

Insider Activity at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 101,678 shares of 8X8 stock in a transaction 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 sale, the insider now directly owns 14,085,649 shares in the company, valued at approximately $31,410,997.27. The trade was a 0.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 254,678 shares of company stock valued at $562,412. 1.22% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

EGHT has been the topic of a number of recent analyst reports. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Monday, May 12th. Needham & Company LLC lifted their price target on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Wells Fargo & Company reduced their price target on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Tuesday, April 22nd. Mizuho reduced their price target on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, May 10th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.51.

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.