Cibc World Markets Corp Takes Position in 8×8, Inc. (NASDAQ:EGHT)

Cibc World Markets Corp bought a new position in shares of 8×8, Inc. (NASDAQ:EGHT) in the 4th quarter, Holdings Channel.com reports. The firm bought 11,963 shares of the company’s stock, valued at approximately $32,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. B. Riley Financial Inc. purchased a new position in shares of 8X8 in the third quarter worth $1,997,000. Invenomic Capital Management LP lifted its stake in 8X8 by 10.5% in the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after purchasing an additional 524,580 shares in the last quarter. FMR LLC boosted its holdings in shares of 8X8 by 24.5% during the 3rd 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. Geode Capital Management LLC boosted its holdings in shares of 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares during the last quarter. Finally, Barclays PLC grew its position in shares of 8X8 by 198.8% during the third quarter. Barclays PLC now owns 216,123 shares of the company’s stock valued at $440,000 after purchasing an additional 143,791 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

8X8 Trading Down 5.7 %

Shares of NASDAQ EGHT opened at $1.99 on Friday. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The company has a market cap of $262.07 million, a price-to-earnings ratio of -5.53, a PEG ratio of 6.08 and a beta of 1.78. The business’s 50 day moving average price is $2.58 and its 200-day moving average price is $2.52.

8X8 (NASDAQ:EGHT) last released its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates 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 expect that 8×8, Inc. will post 0.04 earnings per share for the current year.

Insider Buying and Selling

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 11th. The stock was 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 directly owns 233,791 shares in the company, valued at approximately $701,373. This represents a 4.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $2.23, for a total value of $226,741.94. Following the transaction, the insider now owns 14,085,649 shares in the company, valued at approximately $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 263,678 shares of company stock valued at $591,532 in the last 90 days. Company insiders own 1.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on EGHT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, March 22nd. Barclays raised their target price on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Needham & Company LLC boosted their target price on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, Rosenblatt Securities lowered their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.99.

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.