FNY Partners Fund LP acquired a new position in shares of 8×8 Inc (NASDAQ:EGHT) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 7,000 shares of the company’s stock, valued at approximately $100,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of EGHT. Riverhead Capital Management LLC increased its position in shares of 8×8 by 32.8% in the third quarter. Riverhead Capital Management LLC now owns 6,500 shares of the company’s stock worth $100,000 after buying an additional 1,605 shares during the last quarter. Sei Investments Co. increased its position in shares of 8×8 by 63.7% in the third quarter. Sei Investments Co. now owns 9,987 shares of the company’s stock worth $154,000 after buying an additional 3,887 shares during the last quarter. Amalgamated Bank bought a new position in shares of 8×8 during the second quarter worth about $139,000. Palo Capital Inc. bought a new position in shares of 8×8 during the third quarter worth about $162,000. Finally, Teacher Retirement System of Texas increased its position in shares of 8×8 by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,426 shares of the company’s stock worth $182,000 after buying an additional 1,506 shares during the last quarter. 70.83% of the stock is currently owned by institutional investors and hedge funds.
Shares of 8×8 Inc (NASDAQ:EGHT) traded down 3.21% during trading on Monday, reaching $15.10. 442,706 shares of the company were exchanged. The firm’s market capitalization is $1.37 billion. The firm’s 50 day moving average is $15.30 and its 200 day moving average is $14.52. 8×8 Inc has a 1-year low of $9.01 and a 1-year high of $16.70.
8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Wednesday, January 25th. The company reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.02. The business earned $63.68 million during the quarter, compared to analysts’ expectations of $63.51 million. 8×8 had a positive return on equity of 1.85% and a negative net margin of 1.19%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 earnings per share. On average, equities analysts anticipate that 8×8 Inc will post $0.21 EPS for the current fiscal year.
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A number of brokerages have issued reports on EGHT. B. Riley reissued a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a research report on Monday, January 23rd. Barclays PLC boosted their price objective on shares of 8×8 from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, January 26th. Zacks Investment Research downgraded shares of 8×8 from a “hold” rating to a “sell” rating in a research report on Tuesday, January 31st. Needham & Company LLC boosted their price objective on shares of 8×8 from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, January 26th. Finally, Robert W. Baird raised shares of 8×8 from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $15.00 to $17.00 in a research report on Monday, December 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $16.75.
In other news, Director Eric Salzman sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $15.41, for a total value of $385,250.00. Following the completion of the sale, the director now directly owns 73,096 shares in the company, valued at $1,126,409.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.00% of the stock is owned by insiders.
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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