Los Angeles Capital Management LLC Boosts Stock Position in 8×8, Inc. (NASDAQ:EGHT)

Los Angeles Capital Management LLC boosted its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 0.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 649,146 shares of the company’s stock after acquiring an additional 5,043 shares during the quarter. Los Angeles Capital Management LLC’s holdings in 8X8 were worth $2,454,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of EGHT. Victory Capital Management Inc. lifted its position in shares of 8X8 by 36.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after purchasing an additional 4,670 shares in the last quarter. Bailard Inc. acquired a new stake in 8X8 in the 4th quarter valued at about $271,000. New York State Common Retirement Fund boosted its stake in shares of 8X8 by 26.4% in the 4th quarter. New York State Common Retirement Fund now owns 38,365 shares of the company’s stock valued at $145,000 after buying an additional 8,014 shares during the period. Mackenzie Financial Corp grew its position in shares of 8X8 by 34.3% during the fourth quarter. Mackenzie Financial Corp now owns 84,687 shares of the company’s stock worth $320,000 after buying an additional 21,613 shares in the last quarter. Finally, Legato Capital Management LLC purchased a new stake in shares of 8X8 during the fourth quarter worth approximately $855,000. 93.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on EGHT. Morgan Stanley decreased their price target on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 target price on shares of 8X8 in a research note on Monday, March 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $5.00 price target on shares of 8X8 in a research note on Thursday, February 1st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.68.

Insider Transactions at 8X8

In related news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the sale, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at approximately $2,719,286.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 32,289 shares of company stock worth $81,979. Corporate insiders own 1.08% of the company’s stock.

8X8 Stock Up 3.6 %

Shares of EGHT opened at $2.31 on Tuesday. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. 8×8, Inc. has a 1-year low of $2.12 and a 1-year high of $4.88. The firm has a fifty day moving average price of $2.56 and a 200 day moving average price of $2.94.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.