90,300 Shares in 8×8, Inc. (NYSE:EGHT) Purchased by State of New Jersey Common Pension Fund D

Share on StockTwits

State of New Jersey Common Pension Fund D acquired a new position in shares of 8×8, Inc. (NYSE:EGHT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 90,300 shares of the technology company’s stock, valued at approximately $1,871,000. State of New Jersey Common Pension Fund D owned 0.09% of 8X8 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in 8X8 by 0.6% during the second quarter. BlackRock Inc. now owns 14,122,984 shares of the technology company’s stock worth $340,364,000 after purchasing an additional 86,824 shares during the period. Vanguard Group Inc. lifted its position in 8X8 by 25.0% during the second quarter. Vanguard Group Inc. now owns 10,021,329 shares of the technology company’s stock worth $241,514,000 after purchasing an additional 2,002,790 shares during the period. Point72 Asset Management L.P. lifted its position in 8X8 by 1.9% during the second quarter. Point72 Asset Management L.P. now owns 4,776,468 shares of the technology company’s stock worth $115,113,000 after purchasing an additional 87,685 shares during the period. Sylebra Capital Ltd lifted its position in 8X8 by 2,849.6% during the second quarter. Sylebra Capital Ltd now owns 4,238,543 shares of the technology company’s stock worth $102,149,000 after purchasing an additional 4,094,842 shares during the period. Finally, Waddell & Reed Financial Inc. lifted its position in 8X8 by 59.9% during the second quarter. Waddell & Reed Financial Inc. now owns 3,167,976 shares of the technology company’s stock worth $76,348,000 after purchasing an additional 1,187,093 shares during the period. 87.58% of the stock is owned by institutional investors and hedge funds.

EGHT has been the subject of several recent analyst reports. Needham & Company LLC upped their price objective on shares of 8X8 from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. ValuEngine raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday. Bank of America downgraded 8X8 from a “neutral” rating to an “underperform” rating and set a $21.00 target price for the company. in a research note on Monday, September 30th. B. Riley raised 8X8 from a “sell” rating to a “neutral” rating and set a $18.50 target price for the company in a research note on Thursday, October 24th. They noted that the move was a valuation call. Finally, Dougherty & Co raised 8X8 from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $25.11.

Shares of NYSE EGHT opened at $20.14 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 1.25. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -29.19 and a beta of 0.67. 8×8, Inc. has a 12 month low of $16.34 and a 12 month high of $26.67. The stock has a 50-day moving average price of $20.19 and a two-hundred day moving average price of $23.21.

8X8 (NYSE:EGHT) last issued its earnings results on Wednesday, October 30th. The technology company reported ($0.16) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.01. The firm had revenue of $109.50 million during the quarter, compared to the consensus estimate of $106.51 million. 8X8 had a negative return on equity of 40.84% and a negative net margin of 32.60%. The business’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. On average, sell-side analysts predict that 8×8, Inc. will post -1.22 earnings per share for the current year.

In other news, EVP Dejan Deklich sold 3,715 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $20.00, for a total value of $74,300.00. Following the completion of the transaction, the executive vice president now owns 13,143 shares of the company’s stock, valued at $262,860. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vikram Verma acquired 3,060 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $23.99 per share, with a total value of $73,409.40. Following the purchase, the chief executive officer now directly owns 2,464 shares of the company’s stock, valued at $59,111.36. The disclosure for this purchase can be found here. 3.00% of the stock is currently owned by insiders.

8X8 Profile

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.

Further Reading: Consumer Price Index (CPI)

Want to see what other hedge funds are holding EGHT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 8×8, Inc. (NYSE:EGHT).

Institutional Ownership by Quarter for 8X8 (NYSE:EGHT)

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


 
© 2006-2019 BBNS.