Versor Investments LP Takes Position in 8×8, Inc. (NASDAQ:EGHT)

Versor Investments LP purchased a new stake in 8×8, Inc. (NASDAQ:EGHT) during the fourth quarter, Holdings Channel reports. The fund purchased 31,100 shares of the company’s stock, valued at approximately $118,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. M&T Bank Corp raised its stake in shares of 8X8 by 18.2% in the 4th quarter. M&T Bank Corp now owns 272,278 shares of the company’s stock valued at $1,029,000 after acquiring an additional 42,010 shares during the period. Los Angeles Capital Management LLC raised its stake in shares of 8X8 by 0.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 649,146 shares of the company’s stock valued at $2,454,000 after acquiring an additional 5,043 shares during the period. Victory Capital Management Inc. raised its stake in shares of 8X8 by 36.9% in the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after acquiring an additional 4,670 shares during the period. Bailard Inc. acquired a new position in shares of 8X8 in the fourth quarter valued at approximately $271,000. Finally, New York State Common Retirement Fund grew its holdings in shares of 8X8 by 26.4% in the fourth quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock valued at $145,000 after purchasing an additional 8,014 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction 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 owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The sale was disclosed in a document filed with the SEC, which is available at this link. 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.

8X8 Trading Down 3.2 %

NASDAQ EGHT opened at $2.68 on Friday. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 4.02. 8×8, Inc. has a 52 week low of $2.12 and a 52 week high of $4.88. The stock has a market capitalization of $330.77 million, a PE ratio of -4.87 and a beta of 1.46. The firm has a 50 day moving average of $2.54 and a two-hundred day moving average of $2.95.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The company had revenue of $179.41 million during the quarter, compared to analysts’ expectations of $178.85 million. During the same quarter in the previous year, the business posted ($0.03) EPS. The firm’s revenue was down 2.8% on a year-over-year basis. As a group, research analysts expect that 8×8, Inc. will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on EGHT shares. Morgan Stanley dropped their price objective on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. StockNews.com cut shares of 8X8 from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Rosenblatt Securities restated a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. Finally, Needham & Company LLC dropped their price objective on shares of 8X8 from $5.00 to $3.50 and set a “buy” rating for the company in a report on Thursday, May 9th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $3.54.

8X8 Profile

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.