Heron Bay Capital Management Takes $69,000 Position in 8×8, Inc. (NASDAQ:EGHT)

Heron Bay Capital Management purchased a new position in 8×8, Inc. (NASDAQ:EGHT) during the fourth quarter, HoldingsChannel reports. The firm purchased 25,752 shares of the company’s stock, valued at approximately $69,000.

A number of other hedge funds also recently bought and sold shares of EGHT. Pallas Capital Advisors LLC bought a new position in 8X8 in the 4th quarter worth about $29,000. Picton Mahoney Asset Management boosted its stake in 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after purchasing an additional 3,876 shares in the last quarter. Cibc World Markets Corp bought a new position in 8X8 in the 4th quarter worth about $32,000. Virtu Financial LLC bought a new position in 8X8 in the 3rd quarter worth about $36,000. Finally, Intech Investment Management LLC bought a new position in 8X8 in the 3rd quarter worth about $49,000. Institutional investors own 93.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on EGHT shares. Needham & Company LLC upped their price target on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Barclays boosted their target price 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 decreased their target price on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday, February 3rd. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Finally, Morgan Stanley boosted their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, 8X8 has an average rating of “Hold” and a consensus target price of $2.99.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the completion of the sale, the insider now directly owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Laurence Denny sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the completion of the sale, the insider now directly 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 disclosure for this sale can be found here. Insiders sold 112,000 shares of company stock valued at $257,790 in the last quarter. 1.22% of the stock is currently owned by insiders.

8X8 Price Performance

NASDAQ EGHT opened at $2.16 on Friday. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52. The firm has a market capitalization of $284.46 million, a P/E ratio of -6.00, a PEG ratio of 6.08 and a beta of 1.78. 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 company has a 50-day moving average price of $2.63 and a 200-day moving average price of $2.51.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. Equities research analysts anticipate that 8×8, Inc. will post 0.04 earnings per share for the current year.

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.