Captrust Financial Advisors Acquires New Shares in 8×8, Inc. (NASDAQ:EGHT)

Captrust Financial Advisors acquired a new stake in shares of 8×8, Inc. (NASDAQ:EGHT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 11,253 shares of the company’s stock, valued at approximately $30,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Arrowstreet Capital Limited Partnership purchased a new position in shares of 8X8 during the 4th quarter valued at about $2,126,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of 8X8 by 17.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company’s stock worth $2,131,000 after purchasing an additional 118,686 shares during the period. Raymond James Financial Inc. purchased a new position in shares of 8X8 in the 4th quarter worth approximately $144,000. Renaissance Technologies LLC boosted its holdings in 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock valued at $1,177,000 after acquiring an additional 404,077 shares during the period. Finally, Boston Partners boosted its holdings in 8X8 by 3.9% during the 4th quarter. Boston Partners now owns 6,644,856 shares of the company’s stock valued at $17,742,000 after acquiring an additional 252,083 shares during the period. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Stock Performance

NASDAQ EGHT opened at $1.67 on Friday. 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. The company has a market cap of $219.93 million, a PE ratio of -4.64, a price-to-earnings-growth ratio of 6.08 and a beta of 1.80. The stock’s 50 day simple moving average is $1.84 and its 200-day simple moving average is $2.45.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $2.70 target price on shares of 8X8 in a report on Tuesday. Wells Fargo & Company reduced their target price on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen lowered 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Barclays raised their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Morgan Stanley lowered their price target on 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a research report on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2.51.

Insider Activity at 8X8

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 stock was sold at an average price of $2.14, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 254,678 shares of company stock valued at $562,412. 1.22% of the stock is currently owned by insiders.

8X8 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.