Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Has $82,000 Stake in 8×8, Inc. (NYSE:EGHT)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of 8×8, Inc. (NYSE:EGHT – Get Rating) by 11.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 23,911 shares of the technology company’s stock after acquiring an additional 2,390 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in 8X8 were worth $82,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in EGHT. US Bancorp DE lifted its holdings in shares of 8X8 by 228.4% during the 2nd quarter. US Bancorp DE now owns 5,733 shares of the technology company’s stock valued at $30,000 after buying an additional 3,987 shares during the last quarter. Captrust Financial Advisors lifted its holdings in shares of 8X8 by 832.8% during the 1st quarter. Captrust Financial Advisors now owns 2,985 shares of the technology company’s stock valued at $38,000 after buying an additional 2,665 shares during the last quarter. Mackay Shields LLC acquired a new stake in shares of 8X8 during the 1st quarter valued at about $46,000. Archford Capital Strategies LLC bought a new position in shares of 8X8 in the 3rd quarter valued at approximately $52,000. Finally, KBC Group NV bought a new position in shares of 8X8 in the 2nd quarter valued at approximately $55,000. 94.22% of the stock is currently owned by institutional investors and hedge funds.

8X8 Trading Up 7.3 %

Shares of NYSE:EGHT opened at $4.71 on Tuesday. 8×8, Inc. has a 1-year low of $2.87 and a 1-year high of $16.28. The firm has a market cap of $526.05 million, a price-to-earnings ratio of -4.32 and a beta of 1.36. The stock’s 50 day moving average price is $4.41. The company has a debt-to-equity ratio of 6.09, a current ratio of 1.56 and a quick ratio of 1.56.

8X8 (NYSE:EGHT – Get Rating) last announced its quarterly earnings data on Thursday, October 27th. The technology company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.06. 8X8 had a negative return on equity of 69.23% and a negative net margin of 17.78%. The company had revenue of $187.39 million for the quarter, compared to analyst estimates of $186.55 million. During the same quarter last year, the firm earned ($0.33) EPS. 8X8’s revenue for the quarter was up 23.6% compared to the same quarter last year. On average, sell-side analysts predict that 8×8, Inc. will post -0.67 EPS for the current year.

Wall Street Analysts Forecast Growth

EGHT has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on 8X8 in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Northland Securities cut their price objective on 8X8 to $8.00 in a research note on Tuesday, November 1st. Mizuho cut their price objective on 8X8 from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Friday, October 28th. Wedbush initiated coverage on 8X8 in a research note on Wednesday, December 14th. They issued a “neutral” rating and a $7.00 price objective on the stock. Finally, Needham & Company LLC cut their price objective on 8X8 from $8.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, October 28th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $7.15.

8X8 Company Profile

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8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.