Mackenzie Financial Corp Has $320,000 Stock Position in 8×8, Inc. (NASDAQ:EGHT)

Mackenzie Financial Corp raised its holdings in 8×8, Inc. (NASDAQ:EGHT) by 34.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 84,687 shares of the company’s stock after purchasing an additional 21,613 shares during the quarter. Mackenzie Financial Corp’s holdings in 8X8 were worth $320,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC increased its stake in 8X8 by 47.5% during the 4th quarter. SG Americas Securities LLC now owns 28,186 shares of the company’s stock worth $107,000 after acquiring an additional 9,074 shares during the period. Dark Forest Capital Management LP bought a new stake in 8X8 during the third quarter worth about $43,000. Factorial Partners LLC grew its stake in 8X8 by 17.8% during the third quarter. Factorial Partners LLC now owns 119,000 shares of the company’s stock worth $300,000 after buying an additional 18,000 shares in the last quarter. Jupiter Asset Management Ltd. increased its holdings in 8X8 by 7.2% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 326,250 shares of the company’s stock valued at $822,000 after buying an additional 21,783 shares during the period. Finally, Aigen Investment Management LP acquired a new position in shares of 8X8 in the 3rd quarter valued at approximately $63,000. 93.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $5.00 price objective on shares of 8X8 in a research note on Thursday, February 1st. Rosenblatt Securities reissued a “buy” rating and set a $4.00 price target on shares of 8X8 in a report on Monday, March 18th. Finally, Morgan Stanley reduced their price objective on 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.68.

Insider Activity

In other news, CEO Samuel C. Wilson sold 13,740 shares of 8X8 stock in a transaction 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 transaction, the chief executive officer now owns 1,022,288 shares in the company, valued at $2,719,286.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 32,289 shares of company stock valued at $81,979. Insiders own 1.08% of the company’s stock.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.27 on Friday. The stock’s 50-day moving average is $2.59 and its 200-day moving average is $2.94. 8×8, Inc. has a 1-year low of $2.12 and a 1-year high of $4.88. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73. The stock has a market cap of $280.16 million, a P/E ratio of -5.16 and a beta of 1.46.

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.