R Squared Ltd Invests $34,000 in 8×8 Inc $EGHT

R Squared Ltd bought a new position in 8×8 Inc (NASDAQ:EGHT) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 17,320 shares of the company’s stock, valued at approximately $34,000.

A number of other large investors also recently added to or reduced their stakes in EGHT. Segall Bryant & Hamill LLC purchased a new position in 8X8 in the 1st quarter worth $2,910,000. Acadian Asset Management LLC raised its position in 8X8 by 60.7% in the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company’s stock worth $5,201,000 after purchasing an additional 982,342 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in 8X8 in the 1st quarter worth $863,000. Vanguard Group Inc. raised its position in 8X8 by 3.1% in the 1st 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. Finally, Nuveen LLC purchased a new position in 8X8 in the 1st quarter worth $639,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Up 4.2%

Shares of NASDAQ EGHT opened at $1.97 on Monday. The firm’s 50 day moving average price is $2.01 and its 200-day moving average price is $1.89. The company has a market cap of $268.65 million, a PE ratio of -12.31, a P/E/G ratio of 2.25 and a beta of 1.89. 8×8 Inc has a 52-week low of $1.52 and a 52-week high of $3.52. The company has a debt-to-equity ratio of 2.56, a quick ratio of 1.18 and a current ratio of 1.18.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Rosenblatt Securities restated a “buy” rating and issued a $2.50 price objective on shares of 8X8 in a research report on Thursday, August 21st. Wall Street Zen upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 5th. Morgan Stanley set a $1.90 price objective on shares of 8X8 in a research report on Friday, August 29th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research report on Friday. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, 8X8 has a consensus rating of “Reduce” and an average price target of $2.49.

8X8 Company 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.