Mitsubishi UFJ Asset Management Co. Ltd. Buys 8,282 Shares of 8×8, Inc. (NASDAQ:EGHT)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 18.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 53,796 shares of the company’s stock after acquiring an additional 8,282 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in 8X8 were worth $191,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Dark Forest Capital Management LP bought a new position in 8X8 in the 3rd quarter valued at about $43,000. Victory Capital Management Inc. increased its stake in 8X8 by 36.9% in the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock valued at $65,000 after acquiring an additional 4,670 shares during the last quarter. Aigen Investment Management LP acquired a new position in 8X8 during the third quarter valued at approximately $63,000. DekaBank Deutsche Girozentrale bought a new stake in 8X8 during the third quarter worth $65,000. Finally, SG Americas Securities LLC boosted its holdings in shares of 8X8 by 47.5% in the 4th quarter. SG Americas Securities LLC now owns 28,186 shares of the company’s stock valued at $107,000 after purchasing an additional 9,074 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EGHT. StockNews.com cut 8X8 from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Rosenblatt Securities reissued a “buy” rating and set a $4.00 target price on shares of 8X8 in a research note on Monday, March 18th. Needham & Company LLC restated a “buy” rating and issued a $3.50 price target on shares of 8X8 in a research note on Monday. Finally, Morgan Stanley lowered their price objective on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.54.

8X8 Stock Down 1.8 %

Shares of NASDAQ EGHT opened at $2.76 on Friday. The company has a 50 day simple moving average of $2.52 and a 200 day simple moving average of $2.95. The company has a debt-to-equity ratio of 4.02, a current ratio of 1.44 and a quick ratio of 1.31. 8×8, Inc. has a 1 year low of $2.12 and a 1 year high of $4.88. The firm has a market cap of $340.64 million, a PE ratio of -5.02 and a beta of 1.46.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $179.41 million during the quarter, compared to the consensus estimate of $178.85 million. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) earnings per share. On average, research analysts forecast that 8×8, Inc. will post -0.07 EPS for the current year.

Insider Buying and Selling

In other news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the sale, the chief executive officer now owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 32,289 shares of company stock valued at $81,979 in the last three months. Insiders own 1.08% of the company’s stock.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.