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

Heron Bay Capital Management bought a new stake in shares of 8×8, Inc. (NASDAQ:EGHT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 25,752 shares of the company’s stock, valued at approximately $69,000.

Several other hedge funds have also bought and sold shares of the stock. Picton Mahoney Asset Management lifted its position in 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after purchasing an additional 3,876 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in 8X8 by 0.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after purchasing an additional 4,145 shares during the last quarter. Rhumbline Advisers lifted its position in 8X8 by 5.2% during the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock valued at $442,000 after purchasing an additional 8,100 shares during the last quarter. Pallas Capital Advisors LLC bought a new stake in 8X8 during the fourth quarter valued at approximately $29,000. Finally, BNP Paribas Financial Markets lifted its position in 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after purchasing an additional 11,287 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling at 8X8

In other 8X8 news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares of the company’s stock, valued at approximately $701,373. The trade was a 4.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sylebra Capital Llc sold 100,000 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the transaction, the insider now directly owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. The trade was a 0.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,000 shares of company stock valued at $257,790. 1.22% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Barclays lifted their price target on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research note on Friday, March 7th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley lifted their price target on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. 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. According to data from MarketBeat.com, 8X8 currently has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Stock Down 0.9 %

Shares of NASDAQ EGHT opened at $2.16 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. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52. The firm’s fifty day moving average is $2.63 and its 200 day moving average is $2.51. The company has a market cap of $284.46 million, a price-to-earnings ratio of -6.00, a PEG ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping 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%. On average, equities research analysts expect 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.