Barclays PLC Purchases 143,791 Shares of 8×8, Inc. (NASDAQ:EGHT)

Barclays PLC increased its position in 8×8, Inc. (NASDAQ:EGHT) by 198.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 216,123 shares of the company’s stock after buying an additional 143,791 shares during the period. Barclays PLC owned 0.17% of 8X8 worth $440,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EGHT. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of 8X8 by 0.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after purchasing an additional 4,145 shares during the last quarter. Creative Planning boosted its holdings in 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after purchasing an additional 5,453 shares in the last quarter. BNP Paribas Financial Markets increased its position in 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after buying an additional 11,287 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in 8X8 during the third quarter valued at about $30,000. Finally, Sei Investments Co. acquired a new stake in shares of 8X8 in the second quarter worth about $44,000. Institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wells Fargo & Company increased their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Morgan Stanley increased their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Rosenblatt Securities dropped their price target on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Monday, October 28th. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Three research 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.87.

8X8 Price Performance

NASDAQ:EGHT opened at $2.79 on Friday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.78. The company has a fifty day moving average price of $2.79 and a 200 day moving average price of $2.37. The stock has a market cap of $364.54 million, a P/E ratio of -5.07, a PEG ratio of 26.98 and a beta of 1.63.

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 business had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. Analysts anticipate that 8×8, Inc. will post 0.01 earnings per share for the current year.

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.