MetLife Investment Management LLC Increases Stock Holdings in 8×8, Inc. (NASDAQ:EGHT)

MetLife Investment Management LLC boosted its stake in 8×8, Inc. (NASDAQ:EGHT) by 169.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 76,854 shares of the company’s stock after buying an additional 48,280 shares during the quarter. MetLife Investment Management LLC owned approximately 0.06% of 8X8 worth $205,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Pallas Capital Advisors LLC purchased a new stake in shares of 8X8 in the fourth quarter valued at about $29,000. Picton Mahoney Asset Management increased its stake in 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after buying an additional 3,876 shares during the last quarter. Cibc World Markets Corp bought a new position in shares of 8X8 during the 4th quarter worth approximately $32,000. O Shaughnessy Asset Management LLC purchased a new position in shares of 8X8 in the 4th quarter worth approximately $34,000. Finally, Virtu Financial LLC bought a new position in shares of 8X8 in the third quarter valued at approximately $36,000. 93.99% of the stock is currently owned by institutional investors.

Insider Activity

In other 8X8 news, major shareholder Sylebra Capital Llc sold 50,000 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $2.14, for a total value of $107,000.00. Following the completion of the transaction, the insider now directly owns 14,187,327 shares of the company’s stock, valued at $30,360,879.78. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the transaction, the insider now directly owns 233,791 shares in the company, valued at approximately $701,373. The trade was a 4.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 263,678 shares of company stock worth $590,602 over the last ninety days. Company insiders own 1.22% of the company’s stock.

8X8 Trading Up 4.2 %

Shares of EGHT stock opened at $1.83 on Friday. The stock has a market capitalization of $241.53 million, a price-to-earnings ratio of -5.09, a PEG ratio of 6.08 and a beta of 1.80. The company’s fifty day simple moving average is $1.92 and its two-hundred day simple moving average is $2.47. 8×8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.52. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. As a group, analysts anticipate that 8×8, Inc. will post 0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on EGHT. Needham & Company LLC boosted their price objective on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Barclays increased their price target on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Morgan Stanley decreased their price target on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company dropped their price objective on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Tuesday, April 22nd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.66.

About 8X8

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.