Penn Capital Management Company LLC purchased a new position in 8×8 Inc (NASDAQ:EGHT – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 373,520 shares of the company’s stock, valued at approximately $639,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC acquired a new position in shares of 8X8 during the first quarter worth approximately $25,000. Heron Bay Capital Management bought a new stake in shares of 8X8 during the second quarter worth about $25,000. Legal & General Group Plc acquired a new stake in shares of 8X8 in the 2nd quarter worth about $26,000. Prelude Capital Management LLC acquired a new stake in shares of 8X8 in the 3rd quarter worth about $26,000. Finally, CIBC Bancorp USA Inc. bought a new position in 8X8 in the 3rd quarter valued at about $30,000. Institutional investors own 93.99% of the company’s stock.
8X8 Stock Down 1.0%
EGHT opened at $1.99 on Friday. 8×8 Inc has a fifty-two week low of $1.57 and a fifty-two week high of $2.88. The firm has a market capitalization of $287.44 million, a P/E ratio of 49.76, a PEG ratio of 1.37 and a beta of 1.83. The company’s 50-day moving average is $1.96 and its 200 day moving average is $2.04. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.05 and a quick ratio of 1.05.
Analyst Ratings Changes
EGHT has been the subject of a number of analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $3.00 price target on shares of 8X8 in a research note on Wednesday, August 5th. Weiss Ratings upgraded 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. Finally, B. Riley Financial reaffirmed a “buy” rating and set a $3.25 target price (up from $3.00) on shares of 8X8 in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $3.12.
Get Our Latest Analysis on EGHT
Insiders Place Their Bets
In other 8X8 news, CFO Kevin Kraus sold 34,329 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $2.32, for a total value of $79,643.28. Following the transaction, the chief financial officer owned 958,324 shares of the company’s stock, valued at approximately $2,223,311.68. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Elizabeth Harriet Theophille sold 20,207 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $1.81, for a total value of $36,574.67. Following the completion of the transaction, the director owned 167,086 shares of the company’s stock, valued at $302,425.66. This trade represents a 10.79% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.13% of the company’s stock.
About 8X8
8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.
Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.
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