Roanoke Asset Management Corp NY Holds Position in 8×8, Inc. (EGHT)

Roanoke Asset Management Corp NY held its stake in 8×8, Inc. (NASDAQ:EGHT) during the first quarter, Holdings Channel reports. The institutional investor owned 21,500 shares of the technology company’s stock at the end of the first quarter. Roanoke Asset Management Corp NY’s holdings in 8×8 were worth $328,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in EGHT. Kalmar Investments Inc. DE boosted its stake in 8×8 by 38.4% in the third quarter. Kalmar Investments Inc. DE now owns 1,335,457 shares of the technology company’s stock worth $20,606,000 after buying an additional 370,500 shares during the period. Wells Fargo & Company MN boosted its stake in 8×8 by 37.2% in the third quarter. Wells Fargo & Company MN now owns 79,076 shares of the technology company’s stock worth $1,220,000 after buying an additional 21,448 shares during the period. Aperio Group LLC boosted its stake in 8×8 by 5.2% in the third quarter. Aperio Group LLC now owns 15,454 shares of the technology company’s stock worth $238,000 after buying an additional 764 shares during the period. Sei Investments Co. boosted its stake in 8×8 by 63.7% in the third quarter. Sei Investments Co. now owns 9,987 shares of the technology company’s stock worth $154,000 after buying an additional 3,887 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in 8×8 by 80.3% in the third quarter. JPMorgan Chase & Co. now owns 210,473 shares of the technology company’s stock worth $3,248,000 after buying an additional 93,733 shares during the period. 70.83% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for 8x8 (NASDAQ:EGHT)

8×8, Inc. (NASDAQ:EGHT) traded down 0.69% on Friday, reaching $14.45. 445,140 shares of the company’s stock traded hands. The firm’s market capitalization is $1.31 billion. 8×8, Inc. has a 52-week low of $11.05 and a 52-week high of $16.80. The firm’s 50 day moving average price is $14.86 and its 200 day moving average price is $14.84.

8×8 (NASDAQ:EGHT) last issued its quarterly earnings data on Wednesday, January 25th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. 8×8 had a negative net margin of 1.19% and a positive return on equity of 1.85%. The company earned $63.68 million during the quarter, compared to the consensus estimate of $63.51 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The firm’s revenue was up 19.8% compared to the same quarter last year. On average, analysts predict that 8×8, Inc. will post $0.21 EPS for the current fiscal year.

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EGHT has been the topic of a number of recent analyst reports. Zacks Investment Research cut 8×8 from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 28th. B. Riley reiterated a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a research note on Monday, January 23rd. Needham & Company LLC raised their price objective on shares of 8×8 from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, January 26th. Barclays PLC raised their price objective on shares of 8×8 from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, January 26th. Finally, Morgan Stanley began coverage on shares of 8×8 in a research note on Tuesday, April 11th. They set an “equal weight” rating and a $17.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. 8×8 has an average rating of “Buy” and a consensus price target of $16.78.

In other news, Director Eric Salzman sold 25,000 shares of the stock in a transaction on Thursday, February 9th. The shares were sold at an average price of $15.41, for a total transaction of $385,250.00. Following the completion of the sale, the director now owns 73,096 shares of the company’s stock, valued at $1,126,409.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bryan R. Martin sold 100,000 shares of the stock in a transaction on Friday, February 10th. The stock was sold at an average price of $15.61, for a total transaction of $1,561,000.00. Following the sale, the insider now directly owns 972,819 shares of the company’s stock, valued at approximately $15,185,704.59. The disclosure for this sale can be found here. 4.00% of the stock is owned by corporate insiders.

About 8×8

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.

5 Day Chart for NASDAQ:EGHT

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