Virtu Financial LLC Buys Shares of 44,467 8×8, Inc. (NASDAQ:EGHT)

Virtu Financial LLC purchased a new stake in 8×8, Inc. (NASDAQ:EGHT) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 44,467 shares of the company’s stock, valued at approximately $168,000.

Several other large investors have also recently made changes to their positions in the stock. Sylebra Capital LLC purchased a new position in 8X8 in the third quarter valued at about $36,261,000. Kent Lake Capital LLC bought a new stake in shares of 8X8 in the 4th quarter valued at about $10,395,000. Invenomic Capital Management LP grew its position in shares of 8X8 by 91.1% in the 4th quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock worth $7,854,000 after buying an additional 990,352 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in shares of 8X8 during the 4th quarter worth approximately $2,123,000. Finally, Boston Partners lifted its position in 8X8 by 241.1% during the fourth quarter. Boston Partners now owns 649,480 shares of the company’s stock valued at $2,455,000 after acquiring an additional 459,077 shares during the last quarter. 93.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on EGHT shares. StockNews.com downgraded 8X8 from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Morgan Stanley cut 8X8 from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $3.00 to $2.00 in a research note on Friday, June 14th. Rosenblatt Securities restated a “buy” rating and set a $4.00 price target on shares of 8X8 in a research note on Monday, March 18th. Needham & Company LLC restated a “buy” rating and set a $3.50 price objective on shares of 8X8 in a report on Monday, May 20th. Finally, Wells Fargo & Company lowered their target price on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, 8X8 has an average rating of “Hold” and a consensus price target of $3.11.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.02 on Monday. 8×8, Inc. has a 52 week low of $1.85 and a 52 week high of $4.88. The business’s 50 day moving average price is $2.45 and its 200 day moving average price is $2.86. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 4.02. The firm has a market cap of $253.26 million, a P/E ratio of -3.67 and a beta of 1.57.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. 8X8 had a negative net margin of 9.28% and a negative return on equity of 7.40%. The business had revenue of $179.41 million for the quarter, compared to the consensus estimate of $178.85 million. During the same period in the prior year, the firm earned ($0.03) EPS. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, sell-side analysts expect that 8×8, Inc. will post -0.07 earnings per share for the current year.

About 8X8

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.