BNP Paribas Financial Markets Grows Position in 8×8, Inc. (NASDAQ:EGHT)

BNP Paribas Financial Markets boosted its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 8.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 148,201 shares of the company’s stock after purchasing an additional 11,287 shares during the quarter. BNP Paribas Financial Markets owned about 0.11% of 8X8 worth $302,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new stake in 8X8 in the second quarter worth $77,000. First Eagle Investment Management LLC lifted its holdings in shares of 8X8 by 105.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after acquiring an additional 576,418 shares during the last quarter. FMR LLC boosted its stake in shares of 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after purchasing an additional 314,441 shares during the period. SG Americas Securities LLC purchased a new position in shares of 8X8 during the 2nd quarter worth about $217,000. Finally, Creative Planning raised its position in 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares during the period. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Stock Performance

Shares of NASDAQ:EGHT opened at $2.63 on Monday. The firm has a 50 day moving average of $2.59 and a 200 day moving average of $2.35. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The company has a market capitalization of $343.64 million, a price-to-earnings ratio of -4.78, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.92.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $178.38 million. During the same period in the previous year, the company posted $0.02 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, sell-side analysts predict that 8×8, Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on EGHT. Rosenblatt Securities dropped their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research report on Monday, October 28th. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $2.75 to $2.50 in a research report on Friday. Barclays lifted their target price on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. B. Riley restated a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, 8X8 has an average rating of “Hold” and a consensus target price of $2.79.

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.