Nationwide Fund Advisors lowered its position in shares of 8×8 Inc (NASDAQ:EGHT) by 6.8% during the first quarter, Holdings Channel reports. The fund owned 51,433 shares of the technology company’s stock after selling 3,737 shares during the period. Nationwide Fund Advisors’ holdings in 8×8 were worth $784,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue boosted its position in shares of 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock worth $153,000 after buying an additional 210 shares during the last quarter. Ellington Management Group LLC purchased a new position in shares of 8×8 during the fourth quarter worth approximately $219,000. Highbridge Capital Management LLC purchased a new position in shares of 8×8 during the fourth quarter worth approximately $307,000. Tudor Investment Corp Et Al boosted its position in shares of 8×8 by 106.6% in the fourth quarter. Tudor Investment Corp Et Al now owns 30,226 shares of the technology company’s stock worth $432,000 after buying an additional 15,596 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of 8×8 during the fourth quarter worth approximately $503,000. 68.23% of the stock is owned by institutional investors and hedge funds.
Shares of 8×8 Inc (NASDAQ:EGHT) opened at 14.80 on Tuesday. The firm’s market cap is $1.36 billion. 8×8 Inc has a 12-month low of $12.60 and a 12-month high of $16.80. The company has a 50 day moving average price of $13.66 and a 200 day moving average price of $14.59.
8×8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, May 25th. The technology company reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The business had revenue of $66.49 million for the quarter, compared to analyst estimates of $65.54 million. 8×8 had a positive return on equity of 2.26% and a negative net margin of 1.88%. The company’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.03 EPS. On average, analysts forecast that 8×8 Inc will post $0.18 earnings per share for the current fiscal year.
A number of equities analysts have commented on the company. B. Riley reissued a “neutral” rating and set a $14.00 target price on shares of 8×8 in a report on Tuesday, May 23rd. Zacks Investment Research raised 8×8 from a “sell” rating to a “hold” rating in a report on Friday, May 26th. ValuEngine raised 8×8 from a “sell” rating to a “hold” rating in a report on Tuesday, June 6th. Dougherty & Co reduced their target price on 8×8 from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, May 23rd. Finally, Morgan Stanley assumed coverage on 8×8 in a report on Tuesday, April 11th. They set an “equal weight” rating and a $17.00 target price for the company. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average 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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