8×8, Inc. (NASDAQ:EGHT) Shares Bought by ProShare Advisors LLC

ProShare Advisors LLC raised its position in 8×8, Inc. (NASDAQ:EGHT) by 49.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 36,000 shares of the company’s stock after buying an additional 11,846 shares during the period. ProShare Advisors LLC’s holdings in 8X8 were worth $96,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Man Group plc purchased a new position in 8X8 during the fourth quarter worth approximately $113,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 8X8 by 14.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company’s stock worth $195,000 after buying an additional 9,093 shares in the last quarter. Deutsche Bank AG lifted its position in 8X8 by 1.3% during the fourth quarter. Deutsche Bank AG now owns 1,754,269 shares of the company’s stock worth $4,684,000 after buying an additional 22,638 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in 8X8 by 430.7% during the fourth quarter. Cubist Systematic Strategies LLC now owns 78,685 shares of the company’s stock worth $210,000 after buying an additional 63,857 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in 8X8 by 21.7% during the fourth quarter. Bridgeway Capital Management LLC now owns 280,000 shares of the company’s stock worth $748,000 after buying an additional 50,000 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Price Performance

EGHT stock opened at $1.69 on Wednesday. The stock has a 50-day moving average price of $1.75 and a two-hundred day moving average price of $2.38. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The company has a market cap of $227.27 million, a PE ratio of -4.69, a price-to-earnings-growth ratio of 6.08 and a beta of 1.80.

Analysts Set New Price Targets

EGHT has been the topic of a number of research analyst reports. Wall Street Zen downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 29th. Morgan Stanley dropped their price objective on 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, May 24th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $2.70 price objective on shares of 8X8 in a research note on Tuesday, May 20th. Finally, Mizuho dropped their price objective on 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus target price of $2.51.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc sold 50,000 shares of 8X8 stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00. Following the sale, the insider now directly owns 14,187,327 shares of the company’s stock, valued at approximately $30,360,879.78. The trade was a 0.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 254,678 shares of company stock worth $562,412 over the last quarter. 1.22% of the stock is owned by corporate insiders.

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.