Kornitzer Capital Management Inc. KS cut its position in shares of 8×8 Inc. (NASDAQ:EGHT) by 52.3% during the second quarter, Holdings Channel reports. The firm owned 137,100 shares of the company’s stock after selling 150,499 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in 8×8 were worth $2,003,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Bank of Montreal Can acquired a new position in shares of 8×8 during the second quarter worth about $9,671,000. HBK Investments L P acquired a new position in shares of 8×8 during the first quarter worth about $1,259,000. Emerald Mutual Fund Advisers Trust increased its position in shares of 8×8 by 5.8% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 2,130,524 shares of the company’s stock worth $31,127,000 after buying an additional 115,925 shares during the period. Renaissance Technologies LLC increased its position in shares of 8×8 by 4.5% in the first quarter. Renaissance Technologies LLC now owns 1,630,448 shares of the company’s stock worth $16,402,000 after buying an additional 70,118 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of 8×8 by 138.6% in the first quarter. Goldman Sachs Group Inc. now owns 76,316 shares of the company’s stock worth $768,000 after buying an additional 44,331 shares during the period. 72.03% of the stock is owned by hedge funds and other institutional investors.
8×8 Inc. (NASDAQ:EGHT) traded up 0.83% on Wednesday, reaching $14.63. The company’s stock had a trading volume of 309,579 shares. The firm has a 50-day moving average price of $14.55 and a 200 day moving average price of $13.40. 8×8 Inc. has a 52-week low of $9.01 and a 52-week high of $15.67. The firm’s market capitalization is $1.31 billion.
Several equities research analysts have recently weighed in on the company. Robert W. Baird assumed coverage on 8×8 in a report on Thursday, August 25th. They issued a “neutral” rating and a $15.00 price objective for the company. Zacks Investment Research raised 8×8 from a “sell” rating to a “hold” rating in a report on Friday, August 5th. B. Riley reissued a “neutral” rating and issued a $14.00 price objective on shares of 8×8 in a report on Monday, July 25th. Needham & Company LLC increased their price objective on 8×8 from $15.00 to $17.00 and gave the company a “buy” rating in a report on Friday, July 22nd. Finally, Dougherty & Co increased their price objective on 8×8 from $15.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, July 19th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $14.86.
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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