Mercer Global Advisors Inc. ADV Invests $51,000 in 8×8, Inc. (NASDAQ:EGHT)

Mercer Global Advisors Inc. ADV acquired a new position in shares of 8×8, Inc. (NASDAQ:EGHT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 19,151 shares of the company’s stock, valued at approximately $51,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EGHT. Picton Mahoney Asset Management lifted its holdings in shares of 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after acquiring an additional 3,876 shares during the period. Cibc World Markets Corp bought a new position in shares of 8X8 during the 4th quarter worth about $32,000. O Shaughnessy Asset Management LLC bought a new position in shares of 8X8 during the 4th quarter worth about $34,000. Sand Hill Global Advisors LLC bought a new position in shares of 8X8 during the 4th quarter worth about $42,000. Finally, Heron Bay Capital Management bought a new position in shares of 8X8 during the 4th quarter worth about $69,000. 93.99% of the stock is owned by institutional investors.

8X8 Stock Performance

Shares of 8X8 stock opened at $1.81 on Friday. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The firm has a market cap of $238.37 million, a P/E ratio of -5.03, a P/E/G ratio of 6.08 and a beta of 1.80. The firm has a 50 day simple moving average of $1.87 and a 200 day simple moving average of $2.47. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

Analyst Ratings Changes

EGHT has been the subject of a number of analyst reports. B. Riley reaffirmed a “buy” rating and set a $3.00 price objective (down from $4.00) on shares of 8X8 in a report on Wednesday. Rosenblatt Securities reduced their price target on shares of 8X8 from $3.30 to $2.70 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company decreased their price objective on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Tuesday, April 22nd. Barclays raised their price objective on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Mizuho dropped their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.51.

Insider Activity at 8X8

In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 254,678 shares of company stock valued at $562,412 over the last quarter. Corporate insiders own 1.22% of the company’s stock.

8X8 Company Profile

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.