8×8, Inc. (NASDAQ:EGHT) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in 8×8, Inc. (NASDAQ:EGHT) by 10.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 558,234 shares of the company’s stock after acquiring an additional 52,371 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.44% of 8X8 worth $1,239,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in shares of 8X8 by 36.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after buying an additional 4,670 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of 8X8 by 18.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company’s stock valued at $191,000 after purchasing an additional 8,282 shares during the period. S Squared Technology LLC raised its stake in shares of 8X8 by 13.8% during the fourth quarter. S Squared Technology LLC now owns 1,546,863 shares of the company’s stock worth $5,847,000 after purchasing an additional 188,000 shares during the last quarter. Invenomic Capital Management LP lifted its holdings in shares of 8X8 by 91.1% during the fourth quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock worth $7,854,000 after purchasing an additional 990,352 shares during the period. Finally, Virtu Financial LLC purchased a new position in 8X8 in the 4th quarter valued at $168,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Stock Performance

EGHT opened at $1.89 on Friday. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.92. The stock has a market cap of $236.96 million, a P/E ratio of -3.44 and a beta of 1.55. The stock’s 50 day simple moving average is $2.22 and its 200 day simple moving average is $2.39. The company has a debt-to-equity ratio of 3.93, a current ratio of 1.50 and a quick ratio of 1.50.

8X8 (NASDAQ:EGHT) last posted its earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The firm had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. During the same period last year, the company posted ($0.04) EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities analysts anticipate that 8×8, Inc. will post -0.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wells Fargo & Company reduced 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, June 21st. Barclays lowered their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Rosenblatt Securities reissued a “buy” rating and set a $4.00 target price on shares of 8X8 in a research note on Thursday, August 22nd. Needham & Company LLC decreased their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Morgan Stanley lowered 8X8 from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $3.00 to $2.00 in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $2.83.

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.