Bailard Inc. Makes New Investment in 8×8, Inc. (NASDAQ:EGHT)

Bailard Inc. bought a new position in shares of 8×8, Inc. (NASDAQ:EGHT) during the 4th quarter, HoldingsChannel.com reports. The fund bought 71,823 shares of the company’s stock, valued at approximately $271,000.

Other hedge funds have also recently modified their holdings of the company. Dark Forest Capital Management LP purchased a new stake in shares of 8X8 during the third quarter valued at approximately $43,000. Aigen Investment Management LP bought a new position in 8X8 in the 3rd quarter valued at $63,000. DekaBank Deutsche Girozentrale bought a new position in 8X8 in the 3rd quarter valued at $65,000. SG Americas Securities LLC increased its position in shares of 8X8 by 47.5% during the 4th quarter. SG Americas Securities LLC now owns 28,186 shares of the company’s stock valued at $107,000 after purchasing an additional 9,074 shares during the last quarter. Finally, CTC Alternative Strategies Ltd. bought a new position in 8X8 during the third quarter valued at $89,000. Institutional investors own 93.99% of the company’s stock.

Analyst Ratings Changes

EGHT has been the topic of several research reports. 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 note on Wednesday, April 17th. Rosenblatt Securities reaffirmed a “buy” rating and set a $4.00 price objective on shares of 8X8 in a report 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 note on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, 8X8 presently has an average rating of “Moderate Buy” and a consensus price target of $3.68.

Insider Activity

In other news, CEO Samuel C. Wilson sold 13,740 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the transaction, the chief executive officer now directly owns 1,022,288 shares in the company, valued at $2,719,286.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 32,289 shares of company stock worth $81,979 over the last ninety days. Company insiders own 1.08% of the company’s stock.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.27 on Monday. 8×8, Inc. has a 52-week low of $2.12 and a 52-week high of $4.88. The business’s fifty day moving average is $2.59 and its 200 day moving average is $2.95. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market cap of $280.16 million, a price-to-earnings 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.