Panagora Asset Management Inc. Buys Shares of 774,388 8×8 Inc $EGHT

Panagora Asset Management Inc. purchased a new stake in shares of 8×8 Inc (NASDAQ:EGHT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 774,388 shares of the company’s stock, valued at approximately $1,518,000. Panagora Asset Management Inc. owned approximately 0.57% of 8X8 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC boosted its position in 8X8 by 359.7% during the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock valued at $26,000 after purchasing an additional 10,205 shares during the last quarter. National Bank of Canada FI purchased a new stake in shares of 8X8 during the 1st quarter worth about $26,000. Diversified Trust Co acquired a new stake in shares of 8X8 during the 2nd quarter valued at about $28,000. Algert Global LLC acquired a new stake in shares of 8X8 during the 1st quarter valued at about $29,000. Finally, R Squared Ltd bought a new stake in shares of 8X8 in the 2nd quarter valued at approximately $34,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Price Performance

NASDAQ EGHT opened at $2.03 on Friday. 8×8 Inc has a 1 year low of $1.52 and a 1 year high of $3.52. The company has a fifty day simple moving average of $1.95 and a 200 day simple moving average of $1.93. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.30. The company has a market cap of $281.44 million, a P/E ratio of -50.75, a P/E/G ratio of 1.98 and a beta of 1.95.

Analyst Ratings Changes

Several brokerages recently weighed in on EGHT. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 8X8 in a research report on Monday. Morgan Stanley set a $1.90 price target on shares of 8X8 in a report on Friday, August 29th. Wall Street Zen upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, September 5th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $2.50 target price on shares of 8X8 in a research report on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $2.49.

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.