Los Angeles Capital Management LLC Has $907,000 Holdings in 8×8, Inc. (NASDAQ:EGHT)

Los Angeles Capital Management LLC lessened its position in 8×8, Inc. (NASDAQ:EGHT) by 16.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 339,540 shares of the company’s stock after selling 65,600 shares during the period. Los Angeles Capital Management LLC owned approximately 0.26% of 8X8 worth $907,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Ieq Capital LLC purchased a new position in shares of 8X8 during the fourth quarter valued at approximately $85,000. Rhumbline Advisers boosted its position in 8X8 by 5.2% in the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after purchasing an additional 8,100 shares during the last quarter. SG Americas Securities LLC boosted its position in 8X8 by 39.4% in the fourth quarter. SG Americas Securities LLC now owns 61,050 shares of the company’s stock worth $163,000 after purchasing an additional 17,259 shares during the last quarter. Pallas Capital Advisors LLC purchased a new position in 8X8 in the fourth quarter worth $29,000. Finally, Sanctuary Advisors LLC boosted its position in 8X8 by 178.7% in the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock worth $192,000 after purchasing an additional 60,316 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

Insider Transactions at 8X8

In other news, insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 12,980 shares of company stock worth $38,817. 1.22% of the stock is currently owned by corporate insiders.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.50 on Friday. The firm has a market capitalization of $329.24 million, a P/E ratio of -6.94, a P/E/G ratio of 6.08 and a beta of 1.66. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The stock’s 50-day simple moving average is $2.77 and its two-hundred day simple moving average is $2.46. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.52.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) 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%. As a group, equities analysts anticipate that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on EGHT. Needham & Company LLC boosted their price objective on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research note on Wednesday, February 19th. Barclays boosted their price objective on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Morgan Stanley boosted their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.99.

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.