Acadian Asset Management LLC Acquires 779,010 Shares of 8×8 Inc $EGHT

Acadian Asset Management LLC grew its stake in 8×8 Inc (NASDAQ:EGHT) by 29.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,380,762 shares of the company’s stock after purchasing an additional 779,010 shares during the period. Acadian Asset Management LLC owned approximately 2.51% of 8X8 worth $6,623,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of EGHT. Cerity Partners LLC boosted its stake in 8X8 by 34.8% in the 1st quarter. Cerity Partners LLC now owns 38,068 shares of the company’s stock valued at $76,000 after buying an additional 9,829 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of 8X8 by 81.3% during the first quarter. Victory Capital Management Inc. now owns 83,819 shares of the company’s stock valued at $168,000 after acquiring an additional 37,589 shares during the period. Segall Bryant & Hamill LLC bought a new position in shares of 8X8 during the first quarter valued at $2,910,000. Summit Partners L P acquired a new stake in shares of 8X8 in the 1st quarter valued at $140,000. Finally, XTX Topco Ltd grew its holdings in shares of 8X8 by 17.7% in the 1st quarter. XTX Topco Ltd now owns 188,979 shares of the company’s stock worth $378,000 after purchasing an additional 28,454 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Trading Up 3.0%

Shares of EGHT opened at $2.04 on Thursday. The stock’s fifty day simple moving average is $2.01 and its 200-day simple moving average is $1.92. The firm has a market capitalization of $282.83 million, a PE ratio of -12.75, a price-to-earnings-growth ratio of 2.13 and a beta of 1.94. 8×8 Inc has a 12-month low of $1.52 and a 12-month high of $3.52. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on EGHT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a report on Wednesday, October 8th. Morgan Stanley set a $1.90 price objective on shares of 8X8 in a report on Friday, August 29th. Wall Street Zen upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 5th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $2.50 target price on shares of 8X8 in a report on Wednesday, November 5th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, 8X8 has an average rating of “Reduce” and an average target price of $2.49.

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.