Wells Fargo & Company MN Buys 20,371 Shares of 8×8, Inc. (NASDAQ:EGHT)

Wells Fargo & Company MN boosted its stake in 8×8, Inc. (NASDAQ:EGHT) by 45.5% in the fourth quarter, HoldingsChannel reports. The firm owned 65,137 shares of the company’s stock after buying an additional 20,371 shares during the period. Wells Fargo & Company MN’s holdings in 8X8 were worth $174,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Integrated Quantitative Investments LLC bought a new stake in 8X8 in the 4th quarter valued at about $272,000. Geode Capital Management LLC grew its stake in 8X8 by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company’s stock valued at $8,077,000 after acquiring an additional 41,929 shares during the period. Franklin Resources Inc. increased its holdings in shares of 8X8 by 14.3% during the fourth quarter. Franklin Resources Inc. now owns 281,757 shares of the company’s stock valued at $752,000 after acquiring an additional 35,217 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new position in shares of 8X8 during the fourth quarter worth approximately $34,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of 8X8 during the fourth quarter worth approximately $2,126,000. 93.99% of the stock is owned by institutional investors.

Insider Buying and Selling at 8X8

In related news, major shareholder Sylebra Capital Llc sold 50,000 shares of 8X8 stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $2.14, for a total value of $107,000.00. Following the completion of the sale, the insider now owns 14,187,327 shares of the company’s stock, valued at approximately $30,360,879.78. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $30,000.00. Following the sale, the insider now directly owns 233,791 shares in the company, valued at approximately $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 263,678 shares of company stock worth $590,602 over the last three months. 1.22% of the stock is currently owned by insiders.

8X8 Stock Performance

EGHT stock opened at $1.85 on Friday. 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 firm has a market cap of $242.98 million, a PE ratio of -5.12, a P/E/G ratio of 6.08 and a beta of 1.80. The business has a 50 day moving average of $1.91 and a 200-day moving average of $2.47. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data 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 return on equity of 1.45% and a negative net margin of 6.33%. As a group, sell-side analysts expect that 8×8, Inc. will post 0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EGHT shares. Mizuho lowered their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a report on Tuesday, April 15th. StockNews.com lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Needham & Company LLC lifted their price target on 8X8 from $3.00 to $3.50 and gave the company a “buy” 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 for the company in a research note on Wednesday, April 16th. Finally, Rosenblatt Securities dropped their target price on 8X8 from $3.30 to $2.70 and set a “buy” rating on the stock in a report on Thursday, April 24th. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.66.

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.