Los Angeles Capital Management LLC Reduces Holdings in 8×8, Inc. (NASDAQ:EGHT)

Los Angeles Capital Management LLC cut its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 16.2% in the 4th quarter, HoldingsChannel reports. The fund owned 339,540 shares of the company’s stock after selling 65,600 shares during the quarter. Los Angeles Capital Management LLC’s holdings in 8X8 were worth $907,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Pallas Capital Advisors LLC purchased a new stake in 8X8 during the 4th quarter valued at about $29,000. Wealth Enhancement Advisory Services LLC purchased a new stake in 8X8 during the 3rd quarter valued at about $30,000. Virtu Financial LLC bought a new position in 8X8 during the 3rd quarter valued at approximately $36,000. Intech Investment Management LLC bought a new position in 8X8 during the 3rd quarter valued at approximately $49,000. Finally, Ieq Capital LLC bought a new position in 8X8 during the 4th quarter valued at approximately $85,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.50 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 $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 stock has a 50 day moving average price of $2.77 and a 200-day moving average price of $2.46. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25.

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

Insider Activity at 8X8

In related news, insider Laurence Denny sold 10,000 shares of the firm’s 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 transaction, the insider now owns 233,791 shares of the company’s stock, valued at $701,373. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 12,980 shares of company stock valued at $38,817 in the last 90 days. Corporate insiders own 1.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Wells Fargo & Company upped their price target on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. Needham & Company LLC upped their price target on 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Morgan Stanley upped their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $2.75 to $2.50 in a research report on Friday, December 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research report on Wednesday, February 19th. Three 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, 8X8 has an average rating of “Hold” and an average 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.