State Board of Administration of Florida Retirement System decreased its stake in 8×8 Inc (NASDAQ:EGHT) by 10.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,569 shares of the technology company’s stock after selling 5,608 shares during the period. State Board of Administration of Florida Retirement System’s holdings in 8×8 were worth $756,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. State Street Corp raised its stake in 8×8 by 7.4% in the fourth quarter. State Street Corp now owns 1,962,814 shares of the technology company’s stock valued at $28,068,000 after buying an additional 134,653 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in 8×8 during the fourth quarter valued at about $11,257,000. Shell Asset Management Co. raised its stake in 8×8 by 2.5% in the first quarter. Shell Asset Management Co. now owns 785,468 shares of the technology company’s stock valued at $11,978,000 after buying an additional 18,810 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in 8×8 during the fourth quarter valued at about $9,207,000. Finally, American National Insurance Co. TX purchased a new stake in 8×8 during the first quarter valued at about $3,993,000. 68.23% of the stock is currently owned by institutional investors and hedge funds.
8×8 Inc (NASDAQ:EGHT) opened at 14.85 on Wednesday. The company’s 50 day moving average is $13.72 and its 200 day moving average is $14.61. 8×8 Inc has a 52-week low of $12.60 and a 52-week high of $16.80. The firm’s market cap is $1.36 billion.
8×8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, May 25th. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The firm had revenue of $66.49 million for the quarter, compared to the consensus estimate of $65.54 million. 8×8 had a negative net margin of 1.88% and a positive return on equity of 2.26%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 earnings per share. Equities research analysts forecast that 8×8 Inc will post $0.18 EPS for the current fiscal year.
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Several equities research analysts have recently issued reports on EGHT shares. Zacks Investment Research lowered shares of 8×8 from a “hold” rating to a “sell” rating in a research note on Friday, March 24th. William Blair downgraded shares of 8×8 from an “outperform” rating to a “market perform” rating in a research report on Monday, May 1st. B. Riley restated a “neutral” rating and set a $14.00 price target on shares of 8×8 in a research report on Tuesday, May 23rd. Morgan Stanley initiated coverage on shares of 8×8 in a research report on Tuesday, April 11th. They set an “equal weight” rating and a $17.00 price target for the company. Finally, ValuEngine upgraded shares of 8×8 from a “sell” rating to a “hold” rating in a research report on Tuesday, June 6th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $17.44.
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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