8×8, Inc. (NASDAQ:EGHT) Shares Purchased by State of Wyoming

State of Wyoming lifted its position in 8×8, Inc. (NASDAQ:EGHT) by 64.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,725 shares of the company’s stock after acquiring an additional 98,425 shares during the period. State of Wyoming owned 0.19% of 8X8 worth $669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Boston Partners boosted its stake in shares of 8X8 by 3.9% in the fourth quarter. Boston Partners now owns 6,644,856 shares of the company’s stock worth $17,742,000 after acquiring an additional 252,083 shares during the last quarter. Bank of America Corp DE boosted its stake in 8X8 by 7.0% during the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company’s stock worth $10,133,000 after buying an additional 249,798 shares during the last quarter. Geode Capital Management LLC boosted its stake in 8X8 by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company’s stock worth $8,077,000 after buying an additional 41,929 shares during the last quarter. AQR Capital Management LLC boosted its stake in 8X8 by 4.8% during the fourth quarter. AQR Capital Management LLC now owns 1,772,844 shares of the company’s stock worth $4,733,000 after buying an additional 81,843 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in 8X8 by 1.3% during the fourth quarter. Deutsche Bank AG now owns 1,754,269 shares of the company’s stock worth $4,684,000 after buying an additional 22,638 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Performance

Shares of 8X8 stock opened at $1.81 on Monday. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52. The business’s fifty day simple moving average is $1.87 and its 200-day simple moving average is $2.47. The firm has a market cap of $238.37 million, a PE ratio of -5.03, a price-to-earnings-growth ratio of 6.08 and a beta of 1.80. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays boosted their price objective on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Morgan Stanley lowered their price objective on 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company lowered their price objective on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Tuesday, April 22nd. B. Riley reissued a “buy” rating and set a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a research note on Wednesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, May 10th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus price target of $2.51.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the business’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total value of $223,000.00. Following the sale, the insider now owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. The trade was a 0.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 254,678 shares of company stock valued at $562,412 in the last quarter. Insiders own 1.22% of the company’s stock.

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.