AQR Capital Management LLC Has $4.73 Million Position in 8×8, Inc. (NASDAQ:EGHT)

AQR Capital Management LLC increased its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 4.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,772,844 shares of the company’s stock after acquiring an additional 81,843 shares during the period. AQR Capital Management LLC owned about 1.35% of 8X8 worth $4,733,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northern Trust Corp increased its holdings in 8X8 by 4.5% in the fourth quarter. Northern Trust Corp now owns 1,072,987 shares of the company’s stock valued at $2,865,000 after purchasing an additional 46,481 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of 8X8 during the fourth quarter valued at approximately $702,000. Hsbc Holdings PLC increased its stake in 8X8 by 12.9% during the 4th quarter. Hsbc Holdings PLC now owns 85,321 shares of the company’s stock valued at $232,000 after purchasing an additional 9,723 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of 8X8 by 169.0% in the 4th quarter. MetLife Investment Management LLC now owns 76,854 shares of the company’s stock worth $205,000 after acquiring an additional 48,280 shares during the last quarter. Finally, XTX Topco Ltd raised its stake in shares of 8X8 by 23.0% in the fourth quarter. XTX Topco Ltd now owns 160,525 shares of the company’s stock worth $429,000 after purchasing an additional 30,035 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

8X8 Stock Performance

8X8 stock opened at $1.83 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. The stock’s 50 day moving average is $1.92 and its 200 day moving average is $2.47. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.52. The company has a market capitalization of $241.53 million, a P/E ratio of -5.09, a PEG ratio of 6.08 and a beta of 1.80.

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

Insiders Place Their Bets

In related news, insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 233,791 shares in the company, valued at approximately $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Sylebra Capital Llc sold 101,678 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the completion of the sale, the insider now owns 14,085,649 shares of the company’s stock, valued at $31,410,997.27. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 263,678 shares of company stock valued at $590,602. Corporate insiders own 1.22% of the company’s stock.

Analysts Set New Price Targets

EGHT has been the topic of several recent analyst reports. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a report on Thursday, April 24th. Mizuho lowered their price target on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a research note on Tuesday, April 15th. Needham & Company LLC boosted their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Morgan Stanley decreased their target price on 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a report on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.66.

8X8 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.