R Squared Ltd Acquires Shares of 17,320 8×8 Inc $EGHT

R Squared Ltd acquired a new stake in shares of 8×8 Inc (NASDAQ:EGHT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 17,320 shares of the company’s stock, valued at approximately $34,000.

Several other institutional investors have also bought and sold shares of EGHT. Segall Bryant & Hamill LLC bought a new stake in shares of 8X8 in the 1st quarter worth about $2,910,000. Vanguard Group Inc. lifted its holdings in shares of 8X8 by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company’s stock worth $26,019,000 after acquiring an additional 393,478 shares during the last quarter. Nuveen LLC bought a new stake in shares of 8X8 in the 1st quarter worth about $639,000. Acadian Asset Management LLC lifted its holdings in shares of 8X8 by 60.7% in the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company’s stock worth $5,201,000 after acquiring an additional 982,342 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of 8X8 in the 1st quarter worth about $863,000. Institutional investors own 93.99% of the company’s stock.

8X8 Stock Up 4.2%

Shares of 8X8 stock opened at $1.97 on Monday. The firm’s 50 day moving average price is $2.01 and its 200-day moving average price is $1.89. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56. 8×8 Inc has a 52-week low of $1.52 and a 52-week high of $3.52. The company has a market cap of $268.65 million, a P/E ratio of -12.31, a PEG ratio of 2.25 and a beta of 1.89.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on EGHT. Wall Street Zen upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, September 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a report on Friday. Rosenblatt Securities reiterated a “buy” rating and set a $2.50 price objective on shares of 8X8 in a report on Thursday, August 21st. Finally, Morgan Stanley set a $1.90 price objective on shares of 8X8 in a report on Friday, August 29th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $2.49.

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.