8×8, Inc. (NASDAQ:EGHT) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC increased its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 8.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,982,393 shares of the company’s stock after acquiring an additional 237,181 shares during the period. Geode Capital Management LLC owned approximately 2.28% of 8X8 worth $6,085,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. B. Riley Financial Inc. bought a new position in shares of 8X8 during the 3rd quarter valued at about $1,997,000. BNP Paribas Financial Markets lifted its stake in 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after purchasing an additional 11,287 shares during the last quarter. FMR LLC boosted its holdings in 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in 8X8 in the second quarter worth approximately $77,000. Finally, First Eagle Investment Management LLC increased its holdings in shares of 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after buying an additional 576,418 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors.

8X8 Trading Up 4.9 %

NASDAQ:EGHT opened at $2.79 on Friday. The stock has a market cap of $364.54 million, a PE ratio of -5.07, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.78. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The stock’s 50-day moving average is $2.79 and its two-hundred day moving average is $2.37.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data 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 net margin of 9.68% and a negative return on equity of 6.00%. The firm had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The firm’s revenue was down 2.2% on a year-over-year basis. As a group, equities research analysts forecast that 8×8, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EGHT. Barclays raised their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Wells Fargo & Company lifted 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. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. B. Riley reissued a “buy” rating and issued a $4.00 target price (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Finally, Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their price target for the company from $2.75 to $2.50 in a report on Friday, December 13th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, 8X8 currently has a consensus rating of “Hold” and an average target price of $2.87.

8X8 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.