Comerica Bank Has $1.99 Million Holdings in 8×8, Inc. (EGHT)

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Comerica Bank raised its stake in 8×8, Inc. (NASDAQ:EGHT) by 1.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,481 shares of the technology company’s stock after purchasing an additional 1,707 shares during the period. Comerica Bank’s holdings in 8X8 were worth $1,993,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake in shares of 8X8 by 45.1% in the third quarter. JPMorgan Chase & Co. now owns 136,986 shares of the technology company’s stock valued at $2,910,000 after buying an additional 42,563 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of 8X8 by 21.9% in the fourth quarter. Bank of Montreal Can now owns 3,857 shares of the technology company’s stock valued at $69,000 after buying an additional 692 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of 8X8 by 16.5% in the fourth quarter. Fisher Asset Management LLC now owns 377,169 shares of the technology company’s stock valued at $6,804,000 after buying an additional 53,368 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of 8X8 by 31.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,407 shares of the technology company’s stock valued at $116,000 after buying an additional 1,527 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of 8X8 by 8.5% in the fourth quarter. Arizona State Retirement System now owns 146,870 shares of the technology company’s stock valued at $2,650,000 after buying an additional 11,520 shares in the last quarter. 71.56% of the stock is currently owned by institutional investors.

EGHT opened at $23.78 on Monday. 8×8, Inc. has a fifty-two week low of $15.13 and a fifty-two week high of $24.39.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, May 14th. The technology company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The company had revenue of $93.80 million for the quarter, compared to the consensus estimate of $92.98 million. During the same quarter in the prior year, the firm earned ($0.03) earnings per share. 8X8’s quarterly revenue was up 18.3% compared to the same quarter last year.

In related news, EVP Dejan Deklich sold 36,136 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $22.06, for a total transaction of $797,160.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.40% of the stock is owned by company insiders.

A number of research analysts have weighed in on the stock. Stephens reaffirmed a “buy” rating and issued a $27.00 price objective on shares of 8X8 in a research note on Tuesday, May 14th. Dougherty & Co lowered shares of 8X8 from a “buy” rating to a “neutral” rating and set a $21.95 price objective on the stock. in a research note on Wednesday, May 15th. Zacks Investment Research lowered shares of 8X8 from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective (up from $22.00) on shares of 8X8 in a research note on Wednesday, May 15th. Finally, Bank of America raised their price objective on shares of 8X8 from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $23.27.

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About 8X8

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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Institutional Ownership by Quarter for 8X8 (NASDAQ:EGHT)

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