Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in 8×8, Inc. (NYSE:EGHT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 9,320 shares of the technology company’s stock, valued at approximately $193,000.
Several other institutional investors also recently modified their holdings of EGHT. New York State Common Retirement Fund boosted its stake in 8X8 by 6.1% in the first quarter. New York State Common Retirement Fund now owns 95,700 shares of the technology company’s stock valued at $1,933,000 after acquiring an additional 5,500 shares during the last quarter. First Trust Advisors LP boosted its stake in 8X8 by 7.2% in the first quarter. First Trust Advisors LP now owns 4,375,246 shares of the technology company’s stock valued at $88,380,000 after acquiring an additional 295,759 shares during the last quarter. BlackRock Inc. boosted its stake in 8X8 by 1.2% in the first quarter. BlackRock Inc. now owns 14,036,160 shares of the technology company’s stock valued at $283,531,000 after acquiring an additional 164,424 shares during the last quarter. Wells Fargo & Company MN boosted its stake in 8X8 by 50.4% in the first quarter. Wells Fargo & Company MN now owns 1,456,393 shares of the technology company’s stock valued at $29,419,000 after acquiring an additional 488,189 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in 8X8 in the first quarter valued at approximately $1,079,000. 87.49% of the stock is owned by institutional investors and hedge funds.
EGHT has been the topic of a number of recent research reports. Stifel Nicolaus set a $30.00 price objective on shares of 8X8 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Morgan Stanley raised their price objective on shares of 8X8 from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. B. Riley cut shares of 8X8 from a “neutral” rating to a “sell” rating and raised their price objective for the company from $17.50 to $18.50 in a research note on Wednesday, July 31st. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $27.00 price objective (up from $22.50) on shares of 8X8 in a research note on Wednesday, July 24th. Finally, Craig Hallum reissued a “hold” rating and set a $25.00 price target (up from $19.00) on shares of 8X8 in a research report on Thursday, July 18th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $25.65.
Shares of NYSE EGHT opened at $19.57 on Friday. The company’s fifty day moving average is $22.63 and its 200-day moving average is $23.43. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -28.36 and a beta of 0.71. 8×8, Inc. has a twelve month low of $15.13 and a twelve month high of $26.67. The company has a quick ratio of 4.02, a current ratio of 4.02 and a debt-to-equity ratio of 1.00.
8X8 (NYSE:EGHT) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.15. The company had revenue of $96.68 million for the quarter, compared to analysts’ expectations of $95.88 million. 8X8 had a negative net margin of 29.41% and a negative return on equity of 34.10%. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. On average, research analysts anticipate that 8×8, Inc. will post -1.1 EPS for the current fiscal year.
8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.
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