Southpoint Capital Advisors LP boosted its stake in 8×8, Inc. (NASDAQ:EGHT) by 42.9% in the 4th quarter, Holdings Channel reports. The firm owned 2,000,000 shares of the technology company’s stock after acquiring an additional 600,000 shares during the quarter. 8X8 makes up about 1.3% of Southpoint Capital Advisors LP’s investment portfolio, making the stock its 28th biggest position. Southpoint Capital Advisors LP’s holdings in 8X8 were worth $28,200,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of EGHT. Point72 Asset Management L.P. bought a new position in 8X8 in the 3rd quarter valued at approximately $13,203,000. Kornitzer Capital Management Inc. KS raised its stake in shares of 8X8 by 154.3% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 1,462,450 shares of the technology company’s stock valued at $20,621,000 after acquiring an additional 887,385 shares during the last quarter. Hunt Lane Capital LP raised its stake in shares of 8X8 by 17.7% during the fourth quarter. Hunt Lane Capital LP now owns 3,860,000 shares of the technology company’s stock valued at $54,426,000 after acquiring an additional 580,000 shares during the last quarter. First Trust Advisors LP raised its stake in shares of 8X8 by 10.9% during the fourth quarter. First Trust Advisors LP now owns 3,741,630 shares of the technology company’s stock valued at $52,757,000 after acquiring an additional 368,859 shares during the last quarter. Finally, Shell Asset Management Co. bought a new position in shares of 8X8 during the fourth quarter valued at $5,044,000. 71.56% of the stock is owned by institutional investors and hedge funds.
Shares of 8×8, Inc. (EGHT) opened at $19.90 on Monday. 8×8, Inc. has a 12-month low of $10.30 and a 12-month high of $20.05. The firm has a market cap of $1,830.00, a price-to-earnings ratio of -25.51 and a beta of 0.67.
EGHT has been the subject of several analyst reports. Robert W. Baird reaffirmed a “buy” rating and set a $21.00 price target on shares of 8X8 in a research note on Friday, January 26th. William Blair reaffirmed a “hold” rating on shares of 8X8 in a research note on Friday, November 17th. Morgan Stanley raised shares of 8X8 from an “equal weight” rating to an “overweight” rating and set a $19.00 price target for the company in a research note on Wednesday, January 17th. Zacks Investment Research downgraded shares of 8X8 from a “hold” rating to a “sell” rating in a research note on Tuesday, January 16th. Finally, TheStreet downgraded shares of 8X8 from a “c” rating to a “d” rating in a research note on Thursday, January 25th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $18.60.
In other 8X8 news, SVP Darren J. Hakeman sold 8,000 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $18.47, for a total value of $147,760.00. Following the completion of the sale, the senior vice president now directly owns 62,886 shares in the company, valued at $1,161,504.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bryan R. Martin sold 100,000 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $17.86, for a total transaction of $1,786,000.00. Following the completion of the sale, the insider now owns 1,001,010 shares of the company’s stock, valued at $17,878,038.60. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.
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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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