EntryPoint Capital LLC Buys New Shares in 8×8, Inc. (NASDAQ:EGHT)

EntryPoint Capital LLC purchased a new position in shares of 8×8, Inc. (NASDAQ:EGHT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 35,800 shares of the company’s stock, valued at approximately $97,000.

Several other large investors also recently bought and sold shares of EGHT. Kent Lake Capital LLC acquired a new position in shares of 8X8 during the fourth quarter worth about $10,395,000. Acadian Asset Management LLC grew its holdings in 8X8 by 188.7% during the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after acquiring an additional 1,279,145 shares in the last quarter. Invenomic Capital Management LP increased its position in shares of 8X8 by 91.1% in the 4th quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock valued at $7,854,000 after purchasing an additional 990,352 shares during the last quarter. Essex Investment Management Co. LLC purchased a new stake in shares of 8X8 during the 4th quarter worth $2,123,000. Finally, Vanguard Group Inc. grew its stake in shares of 8X8 by 5.2% during the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after purchasing an additional 561,436 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on EGHT shares. Morgan Stanley downgraded 8X8 from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $3.00 to $2.00 in a report on Friday, June 14th. Needham & Company LLC restated a “buy” rating and issued a $3.50 target price on shares of 8X8 in a report on Monday, May 20th. Wells Fargo & Company cut their price target on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Friday, June 21st. Finally, StockNews.com cut shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $3.11.

8X8 Stock Performance

NASDAQ EGHT traded up $0.02 during trading on Friday, reaching $3.31. The company’s stock had a trading volume of 310,480 shares, compared to its average volume of 1,300,259. The business’s fifty day moving average price is $2.50 and its 200-day moving average price is $2.68. 8×8, Inc. has a twelve month low of $1.85 and a twelve month high of $4.88. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market cap of $414.99 million, a price-to-earnings ratio of -5.89 and a beta of 1.57.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $179.41 million during the quarter, compared to the consensus estimate of $178.85 million. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The firm’s revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) EPS. As a group, analysts anticipate that 8×8, Inc. will post -0.07 EPS for the current fiscal year.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.