Bridgefront Capital LLC Buys Shares of 19,364 8×8, Inc. (NYSE:EGHT)

Bridgefront Capital LLC bought a new stake in 8×8, Inc. (NYSE:EGHT – Get Rating) during the third quarter, Holdings Channel.com reports. The firm bought 19,364 shares of the technology company’s stock, valued at approximately $67,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EGHT. Envestnet Asset Management Inc. raised its position in 8X8 by 13.3% in the first quarter. Envestnet Asset Management Inc. now owns 26,524 shares of the technology company’s stock valued at $334,000 after purchasing an additional 3,106 shares during the period. MetLife Investment Management LLC raised its position in 8X8 by 55.3% in the first quarter. MetLife Investment Management LLC now owns 60,331 shares of the technology company’s stock valued at $760,000 after purchasing an additional 21,494 shares during the period. Rhumbline Advisers raised its position in 8X8 by 9.3% in the first quarter. Rhumbline Advisers now owns 285,895 shares of the technology company’s stock valued at $3,599,000 after purchasing an additional 24,273 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in 8X8 by 18.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 102,013 shares of the technology company’s stock valued at $1,284,000 after purchasing an additional 15,889 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in 8X8 by 4.0% in the first quarter. Great West Life Assurance Co. Can now owns 101,252 shares of the technology company’s stock valued at $1,307,000 after purchasing an additional 3,927 shares during the period. Hedge funds and other institutional investors own 94.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EGHT. Wells Fargo & Company lifted their price objective on 8X8 from $4.00 to $4.50 and gave the company an “underweight” rating in a research note on Thursday, February 2nd. Wedbush began coverage on 8X8 in a research note on Wednesday, December 14th. They issued a “neutral” rating and a $7.00 price objective for the company. Morgan Stanley lifted their price objective on 8X8 from $4.50 to $5.40 and gave the company an “equal weight” rating in a research note on Thursday, February 2nd. Finally, Needham & Company LLC lifted their price objective on 8X8 from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, 8X8 presently has a consensus rating of “Hold” and a consensus price target of $7.34.

Insider Buying and Selling

In other news, insider Samuel C. Wilson sold 34,703 shares of the company’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $4.83, for a total transaction of $167,615.49. Following the completion of the transaction, the insider now directly owns 752,350 shares of the company’s stock, valued at approximately $3,633,850.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 39,199 shares of company stock valued at $189,501 in the last three months. 1.30% of the stock is owned by corporate insiders.

8X8 Trading Down 11.3 %

EGHT opened at $4.22 on Friday. 8×8, Inc. has a 12 month low of $2.87 and a 12 month high of $13.48. The stock has a market capitalization of $477.06 million, a price-to-earnings ratio of -4.49 and a beta of 1.31. The company has a debt-to-equity ratio of 5.51, a current ratio of 1.55 and a quick ratio of 1.56. The business has a fifty day moving average price of $5.26 and a 200 day moving average price of $4.39.

8X8 Profile

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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.