SG Americas Securities LLC Grows Holdings in 8×8, Inc. (NASDAQ:EGHT)

SG Americas Securities LLC raised its stake in 8×8, Inc. (NASDAQ:EGHT) by 39.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,050 shares of the company’s stock after buying an additional 17,259 shares during the period. SG Americas Securities LLC’s holdings in 8X8 were worth $163,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pallas Capital Advisors LLC bought a new position in 8X8 in the fourth quarter valued at $29,000. Wealth Enhancement Advisory Services LLC bought a new stake in 8X8 during the third quarter worth about $30,000. Virtu Financial LLC purchased a new position in shares of 8X8 in the 3rd quarter worth about $36,000. Sei Investments Co. bought a new position in shares of 8X8 during the 2nd quarter valued at about $44,000. Finally, Intech Investment Management LLC purchased a new position in shares of 8X8 during the 3rd quarter valued at about $49,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

EGHT has been the subject of several research reports. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, February 1st. Wells Fargo & Company upped their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. Finally, Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.99.

8X8 Price Performance

EGHT stock opened at $2.75 on Monday. The stock has a market capitalization of $362.15 million, a price-to-earnings ratio of -7.64, a PEG ratio of 24.40 and a beta of 1.66. The firm’s 50-day moving average price is $2.79 and its two-hundred day moving average price is $2.44. The company has a current ratio of 1.25, a quick ratio of 1.18 and a debt-to-equity ratio of 3.08. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.41.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share 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 predict that 8×8, Inc. will post 0.01 earnings per share for the current year.

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.