Intech Investment Management LLC Takes Position in 8×8, Inc. (NASDAQ:EGHT)

Intech Investment Management LLC acquired a new position in shares of 8×8, Inc. (NASDAQ:EGHT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,256 shares of the company’s stock, valued at approximately $49,000.

Other hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in 8X8 during the 3rd quarter worth about $30,000. Sei Investments Co. acquired a new stake in 8X8 during the second quarter worth approximately $44,000. XTX Topco Ltd acquired a new stake in 8X8 during the second quarter worth approximately $49,000. Dynamic Advisor Solutions LLC increased its holdings in 8X8 by 83.1% in the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after purchasing an additional 15,665 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in 8X8 in the second quarter valued at approximately $77,000. Institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $3.17 on Monday. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.92. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The stock has a market cap of $414.19 million, a PE ratio of -5.76, a price-to-earnings-growth ratio of 26.80 and a beta of 1.63. The stock’s fifty day simple moving average is $2.49 and its two-hundred day simple moving average is $2.34.

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Barclays lifted their price objective on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. 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 note on Tuesday, November 5th. B. Riley restated a “buy” rating and set a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th. Finally, StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, 8X8 has a consensus rating of “Hold” and an average price target of $2.82.

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.