GSA Capital Partners LLP Makes New Investment in 8×8, Inc. (NASDAQ:EGHT)

GSA Capital Partners LLP acquired a new position in 8×8, Inc. (NASDAQ:EGHT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 162,860 shares of the company’s stock, valued at approximately $332,000. GSA Capital Partners LLP owned 0.13% of 8X8 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of EGHT. Wealth Enhancement Advisory Services LLC purchased a new stake in 8X8 in the third quarter worth about $30,000. Sei Investments Co. purchased a new stake in shares of 8X8 in the 2nd quarter worth approximately $44,000. XTX Topco Ltd purchased a new stake in shares of 8X8 in the 2nd quarter worth approximately $49,000. Dynamic Advisor Solutions LLC grew its stake in shares of 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after buying an additional 15,665 shares during the last quarter. Finally, Williams & Novak LLC purchased a new stake in shares of 8X8 in the 2nd quarter worth approximately $77,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. B. Riley restated a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wells Fargo & Company upped 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. Barclays upped their price target on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Needham & Company LLC cut their target price on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2.82.

8X8 Price Performance

NASDAQ EGHT opened at $3.04 on Friday. The business’s fifty day moving average price is $2.25 and its 200-day moving average price is $2.31. The stock has a market capitalization of $397.21 million, a price-to-earnings ratio of -5.53, a PEG ratio of 23.11 and a beta of 1.54. 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 1-year low of $1.51 and a 1-year high of $3.92.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The company’s revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.02 EPS. On average, 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.