8×8, Inc. (NASDAQ:EGHT) Shares Acquired by SG Americas Securities LLC

SG Americas Securities LLC boosted its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 47.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,186 shares of the company’s stock after purchasing an additional 9,074 shares during the quarter. SG Americas Securities LLC’s holdings in 8X8 were worth $107,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its position in shares of 8X8 by 13.3% during the first quarter. Envestnet Asset Management Inc. now owns 26,524 shares of the company’s stock worth $334,000 after acquiring an additional 3,106 shares during the last quarter. MetLife Investment Management LLC grew its position in 8X8 by 55.3% in the 1st quarter. MetLife Investment Management LLC now owns 60,331 shares of the company’s stock worth $760,000 after purchasing an additional 21,494 shares during the last quarter. Rhumbline Advisers increased its stake in shares of 8X8 by 9.3% in the first quarter. Rhumbline Advisers now owns 285,895 shares of the company’s stock valued at $3,599,000 after purchasing an additional 24,273 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of 8X8 by 18.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 102,013 shares of the company’s stock valued at $1,284,000 after buying an additional 15,889 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of 8X8 by 4.0% during the first quarter. Great West Life Assurance Co. Can now owns 101,252 shares of the company’s stock worth $1,307,000 after buying an additional 3,927 shares during the period. 93.99% of the stock is currently owned by institutional investors.

8X8 Trading Up 1.4 %

Shares of EGHT stock opened at $2.18 on Friday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 3.73. The stock has a 50-day simple moving average of $2.64 and a 200 day simple moving average of $2.95. 8×8, Inc. has a fifty-two week low of $2.12 and a fifty-two week high of $4.88. The stock has a market capitalization of $269.06 million, a P/E ratio of -4.95 and a beta of 1.46.

Analyst Ratings Changes

Several analysts recently commented on the company. Morgan Stanley lowered their target price on 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Rosenblatt Securities restated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research note on Monday, March 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $5.00 target price on shares of 8X8 in a research report on Thursday, February 1st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3.68.

Insider Activity

In related news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the completion of the sale, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 32,289 shares of company stock worth $81,979. Corporate insiders own 1.08% of the company’s stock.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.