Numerai GP LLC acquired a new stake in shares of 8×8, Inc. (NASDAQ:EGHT – Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 112,531 shares of the company’s stock, valued at approximately $469,000. Numerai GP LLC owned 0.10% of 8X8 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its stake in shares of 8X8 by 4.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 45,598 shares of the company’s stock valued at $197,000 after acquiring an additional 1,881 shares during the period. First Trust Advisors LP increased its stake in shares of 8X8 by 10.4% during the first quarter. First Trust Advisors LP now owns 24,019 shares of the company’s stock valued at $302,000 after acquiring an additional 2,268 shares during the period. Prudential Financial Inc. increased its stake in shares of 8X8 by 2.2% during the first quarter. Prudential Financial Inc. now owns 123,113 shares of the company’s stock valued at $1,550,000 after acquiring an additional 2,630 shares during the period. Captrust Financial Advisors increased its stake in shares of 8X8 by 832.8% during the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock valued at $38,000 after acquiring an additional 2,665 shares during the period. Finally, Balyasny Asset Management LLC increased its stake in shares of 8X8 by 14.2% during the third quarter. Balyasny Asset Management LLC now owns 23,215 shares of the company’s stock valued at $80,000 after acquiring an additional 2,889 shares during the period. Institutional investors and hedge funds own 99.89% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the stock. Craig Hallum lowered shares of 8X8 from a “buy” rating to a “hold” rating and decreased their price target for the stock from $7.00 to $4.00 in a research report on Wednesday, August 9th. Mizuho decreased their price target on shares of 8X8 from $5.00 to $3.75 and set a “neutral” rating on the stock in a research report on Monday, August 14th. StockNews.com assumed coverage on shares of 8X8 in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. Needham & Company LLC decreased their price target on shares of 8X8 from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, August 10th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.00 price objective on shares of 8X8 in a research note on Monday, August 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, 8X8 currently has a consensus rating of “Hold” and a consensus target price of $5.13.
Insider Activity at 8X8
In related news, CAO Suzy M. Seandel sold 28,418 shares of 8X8 stock in a transaction on Monday, July 17th. The shares were sold at an average price of $4.49, for a total value of $127,596.82. Following the completion of the sale, the chief accounting officer now owns 288,631 shares of the company’s stock, valued at approximately $1,295,953.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Elizabeth Harriet Theophille sold 11,598 shares of 8X8 stock in a transaction on Monday, July 31st. The shares were sold at an average price of $4.51, for a total value of $52,306.98. Following the completion of the sale, the director now owns 75,779 shares of the company’s stock, valued at approximately $341,763.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Suzy M. Seandel sold 28,418 shares of 8X8 stock in a transaction on Monday, July 17th. The stock was sold at an average price of $4.49, for a total transaction of $127,596.82. Following the completion of the transaction, the chief accounting officer now owns 288,631 shares in the company, valued at approximately $1,295,953.19. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,971 shares of company stock valued at $216,664. Insiders own 1.08% of the company’s stock.
8X8 Trading Up 0.4 %
Shares of NASDAQ:EGHT opened at $2.68 on Friday. The firm has a fifty day moving average of $3.87 and a two-hundred day moving average of $3.78. The firm has a market capitalization of $321.47 million, a P/E ratio of -4.96 and a beta of 1.31. 8×8, Inc. has a 12-month low of $2.50 and a 12-month high of $6.49. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 3.88.
8X8 (NASDAQ:EGHT – Get Free Report) last issued its earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $183.30 million for the quarter, compared to analyst estimates of $187.09 million. 8X8 had a negative net margin of 8.44% and a negative return on equity of 41.65%. The company’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the business earned ($0.14) EPS. On average, equities analysts expect that 8×8, Inc. will post -0.22 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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.
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