Globeflex Capital L P Acquires New Position in 8×8 Inc $EGHT

Globeflex Capital L P bought a new position in 8×8 Inc (NASDAQ:EGHT) in the second quarter, according to its most recent filing with the SEC. The firm bought 260,764 shares of the company’s stock, valued at approximately $446,000.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of 8X8 in the second quarter valued at about $20,624,000. Bank of America Corp DE lifted its holdings in shares of 8X8 by 31.9% during the third quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock worth $13,217,000 after purchasing an additional 1,506,586 shares during the period. Deutsche Bank AG acquired a new stake in shares of 8X8 during the second quarter worth about $1,237,000. JPMorgan Chase & Co. boosted its position in 8X8 by 33.3% in the second quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company’s stock valued at $4,932,000 after buying an additional 628,024 shares during the last quarter. Finally, Boston Partners boosted its position in 8X8 by 7.9% in the third quarter. Boston Partners now owns 8,582,614 shares of the company’s stock valued at $18,192,000 after buying an additional 625,479 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

NASDAQ:EGHT opened at $1.95 on Wednesday. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50 day moving average price of $1.95 and a 200-day moving average price of $2.05. 8×8 Inc has a 1-year low of $1.57 and a 1-year high of $2.88. The firm has a market cap of $281.66 million, a price-to-earnings ratio of 48.76, a price-to-earnings-growth ratio of 1.36 and a beta of 1.83.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. The firm had revenue of $190.17 million for the quarter, compared to the consensus estimate of $182.47 million. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. Equities research analysts forecast that 8×8 Inc will post 0.2 EPS for the current year.

Insider Activity

In related news, CFO Kevin Kraus sold 34,329 shares of 8X8 stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $2.32, for a total value of $79,643.28. Following the completion of the transaction, the chief financial officer owned 958,324 shares in the company, valued at $2,223,311.68. The trade was a 3.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elizabeth Harriet Theophille sold 20,207 shares of 8X8 stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $1.81, for a total value of $36,574.67. Following the completion of the transaction, the director owned 167,086 shares of the company’s stock, valued at approximately $302,425.66. This represents a 10.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.13% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on EGHT. Rosenblatt Securities reiterated a “buy” rating and issued a $3.00 price target on shares of 8X8 in a report on Wednesday, August 5th. Weiss Ratings raised shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. Finally, B. Riley Financial reiterated a “buy” rating and issued a $3.25 price objective (up from $3.00) on shares of 8X8 in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.72.

About 8X8

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.