11,963 Shares in 8×8, Inc. (NASDAQ:EGHT) Purchased by Cibc World Markets Corp

Cibc World Markets Corp acquired a new position in 8×8, Inc. (NASDAQ:EGHT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 11,963 shares of the company’s stock, valued at approximately $32,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pallas Capital Advisors LLC purchased a new stake in 8X8 in the fourth quarter worth about $29,000. Picton Mahoney Asset Management lifted its position in 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after buying an additional 3,876 shares during the period. Virtu Financial LLC bought a new stake in shares of 8X8 during the 3rd quarter valued at $36,000. Intech Investment Management LLC purchased a new stake in shares of 8X8 in the 3rd quarter worth about $49,000. Finally, Ieq Capital LLC bought a new position in shares of 8X8 in the 4th quarter worth about $85,000. Institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

NASDAQ EGHT opened at $1.99 on Friday. The stock has a market capitalization of $262.07 million, a price-to-earnings ratio of -5.53, a PEG ratio of 6.08 and a beta of 1.78. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.52. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The business’s fifty day moving average price is $2.58 and its 200-day moving average price is $2.52.

8X8 (NASDAQ:EGHT) last announced its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. On average, equities analysts predict that 8×8, Inc. will post 0.04 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on EGHT. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Barclays lifted their target price on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Needham & Company LLC increased their price target on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a report on Wednesday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Saturday, March 22nd. Finally, Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and cut their target price for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2.99.

Insider Activity at 8X8

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the completion of the sale, the insider now directly owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the sale, the insider now owns 233,791 shares in the company, valued at approximately $701,373. The trade was a 4.10 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 263,678 shares of company stock worth $591,532. 1.22% of the stock is owned by company insiders.

8X8 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.