8×8, Inc. (NASDAQ:EGHT) Shares Bought by Invenomic Capital Management LP

Invenomic Capital Management LP grew its stake in 8×8, Inc. (NASDAQ:EGHTFree Report) by 91.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,077,777 shares of the company’s stock after acquiring an additional 990,352 shares during the quarter. Invenomic Capital Management LP owned about 1.68% of 8X8 worth $7,854,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of EGHT. Sylebra Capital LLC acquired a new position in 8X8 in the third quarter valued at approximately $36,261,000. Aigen Investment Management LP acquired a new position in shares of 8X8 in the 3rd quarter valued at $63,000. DekaBank Deutsche Girozentrale acquired a new position in shares of 8X8 in the 3rd quarter valued at $65,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of 8X8 by 18.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company’s stock worth $191,000 after purchasing an additional 8,282 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of 8X8 by 36.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after purchasing an additional 4,670 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Insider Activity

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the sale, the chief executive officer now owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 32,289 shares of company stock worth $81,979. Company insiders own 1.08% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on EGHT shares. StockNews.com lowered shares of 8X8 from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Rosenblatt Securities reaffirmed a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research report on Monday, March 18th. Morgan Stanley lowered their target price on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Finally, Needham & Company LLC restated a “buy” rating and issued a $3.50 price objective on shares of 8X8 in a research note on Monday, May 20th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.54.

Read Our Latest Stock Analysis on EGHT

8X8 Trading Down 2.7 %

EGHT stock opened at $2.53 on Tuesday. 8×8, Inc. has a one year low of $2.12 and a one year high of $4.88. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.44 and a current ratio of 1.44. The company has a fifty day moving average of $2.51 and a 200-day moving average of $2.92.

8X8 (NASDAQ:EGHTGet Free Report) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $179.41 million during the quarter, compared to the consensus estimate of $178.85 million. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The firm’s revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) earnings per share. Research analysts forecast that 8×8, Inc. will post -0.07 EPS for the current year.

8X8 Profile

(Free Report)

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.

Further Reading

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

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