Bank of America Corp DE Purchases 249,798 Shares of 8×8, Inc. (NASDAQ:EGHT)

Bank of America Corp DE grew its position in 8×8, Inc. (NASDAQ:EGHT) by 7.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,795,150 shares of the company’s stock after purchasing an additional 249,798 shares during the quarter. Bank of America Corp DE owned approximately 2.88% of 8X8 worth $10,133,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of EGHT. Arrowstreet Capital Limited Partnership bought a new stake in shares of 8X8 in the 4th quarter valued at $2,126,000. Renaissance Technologies LLC boosted its stake in 8X8 by 1,101.0% during the fourth quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after acquiring an additional 404,077 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in 8X8 during the fourth quarter worth $702,000. Boston Partners boosted its stake in 8X8 by 3.9% during the fourth quarter. Boston Partners now owns 6,644,856 shares of the company’s stock worth $17,742,000 after acquiring an additional 252,083 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in 8X8 by 17.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company’s stock worth $2,131,000 after acquiring an additional 118,686 shares in the last quarter. 93.99% of the stock is owned by institutional investors.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the completion of the sale, the insider now owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 254,678 shares of company stock worth $562,412 over the last quarter. Insiders own 1.22% of the company’s stock.

8X8 Stock Performance

Shares of EGHT stock opened at $1.59 on Friday. The firm has a 50-day moving average of $1.83 and a 200-day moving average of $2.44. The company has a market cap of $209.39 million, a P/E ratio of -4.42, a P/E/G ratio of 6.08 and a beta of 1.80. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.52.

Analyst Ratings Changes

Several brokerages recently issued reports on EGHT. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, May 10th. B. Riley reaffirmed a “buy” rating and issued a $3.00 price objective (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Wells Fargo & Company dropped 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. Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.70 price objective on shares of 8X8 in a research note on Tuesday. Finally, Mizuho dropped their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 15th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.51.

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.