Boston Partners Grows Stock Holdings in 8×8, Inc. (NASDAQ:EGHT)

Boston Partners boosted its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 3.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 6,644,856 shares of the company’s stock after purchasing an additional 252,083 shares during the quarter. Boston Partners owned about 0.05% of 8X8 worth $17,742,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in EGHT. B. Riley Financial Inc. purchased a new stake in shares of 8X8 during the 3rd quarter worth approximately $1,997,000. Geode Capital Management LLC raised its holdings in 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after purchasing an additional 237,181 shares during the last quarter. BNP Paribas Financial Markets boosted its position in 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after purchasing an additional 11,287 shares in the last quarter. FMR LLC grew its holdings in 8X8 by 24.5% in the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after purchasing an additional 314,441 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its position in shares of 8X8 by 178.7% in the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after buying an additional 60,316 shares in the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the transaction, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. This represents a 4.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 12,000 shares of company stock worth $34,790. 1.22% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on EGHT. Barclays lifted their price target on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Rosenblatt Securities reduced their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday, February 3rd. Needham & Company LLC raised their price objective on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a report on Friday, March 7th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.99.

8X8 Stock Performance

Shares of EGHT opened at $2.18 on Friday. 8×8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.52. The company’s 50 day simple moving average is $2.64 and its 200 day simple moving average is $2.50. The company has a market capitalization of $287.09 million, a price-to-earnings ratio of -6.06, a PEG ratio of 6.08 and a beta of 1.78. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating 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, sell-side analysts predict that 8×8, Inc. will post 0.04 EPS for the current year.

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.