8×8, Inc. (NASDAQ:EGHT) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its holdings in 8×8, Inc. (NASDAQ:EGHT) by 6.0% in the 4th quarter, HoldingsChannel reports. The fund owned 1,418,743 shares of the company’s stock after acquiring an additional 80,042 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in 8X8 were worth $3,788,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Pallas Capital Advisors LLC purchased a new stake in 8X8 during the fourth quarter worth $29,000. Virtu Financial LLC purchased a new stake in shares of 8X8 in the 3rd quarter worth about $36,000. Intech Investment Management LLC acquired a new stake in 8X8 in the 3rd quarter valued at about $49,000. Ieq Capital LLC purchased a new position in 8X8 during the 4th quarter valued at about $85,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in 8X8 during the third quarter worth about $108,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on EGHT shares. Barclays lifted their price objective on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Rosenblatt Securities reduced their price objective on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Morgan Stanley lifted their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, March 22nd. Finally, Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.99.

Insider Buying and Selling

In related 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 value of $30,000.00. Following the completion of the sale, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $2.23, for a total transaction of $226,741.94. Following the transaction, the insider now owns 14,085,649 shares in the company, valued at $31,410,997.27. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 263,678 shares of company stock worth $591,532 over the last quarter. 1.22% of the stock is owned by company insiders.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.20 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The business has a 50 day moving average price of $2.61 and a two-hundred day moving average price of $2.52. The firm has a market cap of $289.73 million, a PE ratio of -6.11, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. Sell-side analysts expect that 8×8, Inc. will post 0.04 earnings per share for the current fiscal year.

About 8X8

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.