Nano Cap New Millennium Growth Fund L P Takes Position in 8×8 Inc $EGHT

Nano Cap New Millennium Growth Fund L P purchased a new position in shares of 8×8 Inc (NASDAQ:EGHT) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 380,000 shares of the company’s stock, valued at approximately $749,000.

Several other institutional investors and hedge funds have also bought and sold shares of EGHT. Bank of America Corp DE grew its position in 8X8 by 31.9% during the 3rd quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock worth $13,217,000 after acquiring an additional 1,506,586 shares during the last quarter. JPMorgan Chase & Co. grew its position in 8X8 by 33.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company’s stock worth $4,932,000 after acquiring an additional 628,024 shares during the last quarter. Boston Partners grew its position in 8X8 by 7.9% during the 3rd quarter. Boston Partners now owns 8,582,614 shares of the company’s stock worth $18,192,000 after acquiring an additional 625,479 shares during the last quarter. AQR Capital Management LLC grew its position in 8X8 by 36.0% during the 2nd quarter. AQR Capital Management LLC now owns 2,111,511 shares of the company’s stock worth $4,139,000 after acquiring an additional 558,562 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in 8X8 by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company’s stock worth $29,453,000 after acquiring an additional 317,196 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on EGHT shares. Rosenblatt Securities raised their price target on 8X8 from $2.75 to $3.00 and gave the stock a “buy” rating in a research report on Wednesday. Weiss Ratings upgraded shares of 8X8 from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 1st. Finally, Zacks Research cut shares of 8X8 from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $2.45.

8X8 Stock Down 5.8%

NASDAQ:EGHT opened at $2.13 on Friday. The firm’s 50-day moving average price is $2.01 and its 200-day moving average price is $2.04. The company has a market capitalization of $296.75 million, a PE ratio of 106.55, a P/E/G ratio of 1.72 and a beta of 1.83. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.09 and a quick ratio of 1.13. 8×8 Inc has a 1-year low of $1.56 and a 1-year high of $2.88.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.