Jane Street Group LLC Raises Stake in 8×8, Inc. (NASDAQ:EGHT)

Jane Street Group LLC grew its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 18.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 178,674 shares of the company’s stock after purchasing an additional 28,030 shares during the period. Jane Street Group LLC owned approximately 0.14% of 8X8 worth $364,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of 8X8 by 0.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after buying an additional 4,145 shares in the last quarter. Creative Planning boosted its position in shares of 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after buying an additional 5,453 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of 8X8 by 8.2% in the 3rd 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 in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of 8X8 in the 3rd quarter worth about $30,000. Finally, Sei Investments Co. purchased a new stake in shares of 8X8 in the 2nd quarter worth about $44,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on EGHT. Rosenblatt Securities reduced their target price 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. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $2.75 to $2.50 in a report on Friday, December 13th. Finally, Barclays upped their target price on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $2.87.

8X8 Stock Performance

NASDAQ EGHT opened at $2.65 on Thursday. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.76. The company has a 50-day moving average of $2.84 and a 200-day moving average of $2.39. 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 company has a market cap of $346.25 million, a P/E ratio of -4.82, a P/E/G ratio of 26.98 and a beta of 1.66.

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

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.