Wealth Enhancement Advisory Services LLC Makes New $30,000 Investment in 8×8, Inc. (NASDAQ:EGHT)

Wealth Enhancement Advisory Services LLC purchased a new position in shares of 8×8, Inc. (NASDAQ:EGHT) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,796 shares of the company’s stock, valued at approximately $30,000.

A number of other large investors also recently added to or reduced their stakes in the company. Boston Partners raised its stake in shares of 8X8 by 473.2% in the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after acquiring an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of 8X8 by 188.7% in the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after acquiring an additional 1,279,145 shares in the last quarter. First Eagle Investment Management LLC raised its stake 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 acquiring an additional 576,418 shares in the last quarter. Invenomic Capital Management LP raised its stake in shares of 8X8 by 27.5% in the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock valued at $7,152,000 after acquiring an additional 571,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of 8X8 by 5.2% in the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after acquiring an additional 561,436 shares in the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Stock Performance

Shares of EGHT stock opened at $2.88 on Thursday. The stock’s 50-day moving average is $2.08 and its two-hundred day moving average is $2.28. 8×8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.92. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last released its quarterly 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. 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 for the quarter, compared to analyst estimates of $178.38 million. During the same quarter last year, the company posted $0.02 earnings per share. The business’s revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts forecast that 8×8, Inc. will post 0.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports 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 research note on Tuesday, November 5th. Mizuho raised their price target on 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Barclays raised their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note 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 research note on Thursday, October 24th. Finally, Wedbush upgraded 8X8 to a “hold” rating in a research note on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.82.

8X8 Company 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.