BlackRock Inc. Takes Position in 8×8 Inc $EGHT

BlackRock Inc. bought a new stake in shares of 8×8 Inc (NASDAQ:EGHT) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 12,060,736 shares of the company’s stock, valued at approximately $20,624,000. BlackRock Inc. owned 0.09% of 8X8 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Sequoia Financial Advisors LLC bought a new stake in 8X8 in the first quarter worth $25,000. Prelude Capital Management LLC bought a new position in 8X8 during the third quarter valued at $26,000. CIBC Bancorp USA Inc. bought a new position in 8X8 during the third quarter valued at $30,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of 8X8 in the third quarter valued at $31,000. Finally, Abel Hall LLC purchased a new stake in shares of 8X8 in the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. B. Riley Financial reiterated a “buy” rating and set a $3.25 price target (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $3.00 price objective on shares of 8X8 in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $3.12.

Insiders Place Their Bets

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

8X8 Price Performance

Shares of EGHT stock opened at $1.84 on Thursday. The stock has a 50 day moving average price of $1.96 and a 200 day moving average price of $2.02. 8×8 Inc has a 52-week low of $1.57 and a 52-week high of $2.88. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $265.77 million, a P/E ratio of 46.01, a P/E/G ratio of 1.26 and a beta of 1.84.

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

8X8 Profile

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.