Creative Planning Grows Position in 8×8, Inc. (NASDAQ:EGHT)

Creative Planning raised its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 16.6% during the third quarter, according to its most recent filing with the SEC. The firm owned 38,245 shares of the company’s stock after purchasing an additional 5,453 shares during the period. Creative Planning’s holdings in 8X8 were worth $78,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in 8X8 during the first quarter valued at approximately $229,000. BNP Paribas Financial Markets increased its holdings in shares of 8X8 by 77.4% in the 1st quarter. BNP Paribas Financial Markets now owns 166,619 shares of the company’s stock valued at $450,000 after acquiring an additional 72,707 shares during the period. First Eagle Investment Management LLC bought a new position in shares of 8X8 in the 1st quarter worth $1,482,000. Vanguard Group Inc. lifted its stake in shares of 8X8 by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after purchasing an additional 561,436 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after purchasing an additional 1,279,145 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Mizuho increased their target price on shares of 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Rosenblatt Securities cut their price target on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Wells Fargo & Company upped their price target on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Finally, Barclays raised their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.82.

8X8 Stock Down 0.3 %

8X8 stock opened at $2.86 on Wednesday. The business’s 50-day simple moving average is $2.06 and its two-hundred day simple moving average is $2.28. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.50 and a current ratio of 1.18. The company has a market cap of $373.69 million, a PE ratio of -5.22 and a beta of 1.54. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.92.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The firm had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same quarter in the prior year, the firm earned $0.02 earnings per share. 8X8’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities analysts anticipate that 8×8, Inc. will post -0.09 EPS for the current year.

8X8 Company Profile

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.