Boston Partners Buys 1,537,615 Shares of 8×8 Inc $EGHT

Boston Partners raised its position in shares of 8×8 Inc (NASDAQ:EGHT) by 24.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 7,957,135 shares of the company’s stock after purchasing an additional 1,537,615 shares during the quarter. Boston Partners owned approximately 5.83% of 8X8 worth $15,595,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in EGHT. Vanguard Group Inc. grew its stake in 8X8 by 3.1% during the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company’s stock worth $26,019,000 after purchasing an additional 393,478 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of 8X8 by 29.9% during the 2nd quarter. Acadian Asset Management LLC now owns 3,380,762 shares of the company’s stock worth $6,623,000 after buying an additional 779,010 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 8X8 by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,228,294 shares of the company’s stock valued at $6,329,000 after acquiring an additional 84,176 shares in the last quarter. JPMorgan Chase & Co. increased its stake in 8X8 by 33.3% in the second quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company’s stock valued at $4,932,000 after purchasing an additional 628,024 shares in the last quarter. Finally, Hillsdale Investment Management Inc. increased its stake in 8X8 by 0.9% in the second quarter. Hillsdale Investment Management Inc. now owns 1,476,597 shares of the company’s stock valued at $2,894,000 after purchasing an additional 13,800 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

EGHT opened at $1.94 on Friday. The company has a debt-to-equity ratio of 2.56, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market cap of $268.96 million, a P/E ratio of -12.13, a PEG ratio of 2.13 and a beta of 1.94. The firm has a 50-day moving average of $1.97 and a 200 day moving average of $1.93. 8×8 Inc has a fifty-two week low of $1.52 and a fifty-two week high of $3.52.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $2.50 price objective on shares of 8X8 in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Tuesday. Wall Street Zen raised 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 5th. Finally, Morgan Stanley set a $1.90 target price on 8X8 in a research report on Friday, August 29th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target 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.