Williams & Novak LLC Grows Holdings in 8×8 Inc $EGHT

Williams & Novak LLC increased its position in 8×8 Inc (NASDAQ:EGHT) by 35.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,005 shares of the company’s stock after acquiring an additional 8,430 shares during the quarter. Williams & Novak LLC’s holdings in 8X8 were worth $63,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its stake in 8X8 by 89.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company’s stock valued at $75,000 after acquiring an additional 13,184 shares in the last quarter. Rhumbline Advisers grew its position in shares of 8X8 by 11.0% during the first quarter. Rhumbline Advisers now owns 183,594 shares of the company’s stock valued at $367,000 after purchasing an additional 18,214 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of 8X8 by 34.8% in the first quarter. Cerity Partners LLC now owns 38,068 shares of the company’s stock worth $76,000 after purchasing an additional 9,829 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of 8X8 by 81.3% in the first quarter. Victory Capital Management Inc. now owns 83,819 shares of the company’s stock worth $168,000 after buying an additional 37,589 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of 8X8 in the first quarter worth about $2,910,000. Institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $2.50 price target on shares of 8X8 in a report on Thursday, August 21st. Morgan Stanley set a $1.90 target price on shares of 8X8 in a report on Friday, August 29th. Wall Street Zen raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $2.49.

Insider Transactions at 8X8

In related news, Director Elizabeth Harriet Theophille sold 24,271 shares of the firm’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $2.05, for a total value of $49,755.55. Following the completion of the sale, the director directly owned 187,293 shares in the company, valued at $383,950.65. This trade represents a 11.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.01% of the stock is currently owned by corporate insiders.

8X8 Stock Down 7.2%

Shares of EGHT opened at $1.81 on Friday. The company has a market cap of $246.83 million, a PE ratio of -11.31, a P/E/G ratio of 2.12 and a beta of 1.89. The business has a fifty day moving average of $2.00 and a 200 day moving average of $1.90. 8×8 Inc has a 52-week low of $1.52 and a 52-week high of $3.52. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.56.

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.