MetLife Investment Management LLC Decreases Position in 8×8, Inc. (NASDAQ:EGHT)

MetLife Investment Management LLC lessened its holdings in 8×8, Inc. (NASDAQ:EGHT) by 56.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,574 shares of the company’s stock after selling 36,694 shares during the period. MetLife Investment Management LLC’s holdings in 8X8 were worth $58,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of 8X8 during the 3rd quarter worth $30,000. Sei Investments Co. purchased a new stake in shares of 8X8 during the 2nd quarter worth $44,000. XTX Topco Ltd purchased a new stake in shares of 8X8 during the 2nd quarter worth $49,000. Intech Investment Management LLC purchased a new stake in shares of 8X8 during the 3rd quarter worth $49,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of 8X8 during the 2nd quarter worth $77,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Down 1.9 %

NASDAQ EGHT opened at $3.10 on Wednesday. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market cap of $405.05 million, a PE ratio of -5.64, a P/E/G ratio of 27.23 and a beta of 1.63. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.92. The firm’s fifty day moving average is $2.51 and its two-hundred day moving average is $2.34.

8X8 (NASDAQ:EGHT) last posted 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. The company had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. 8X8’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.02 earnings per share. Analysts expect that 8×8, Inc. will post 0.01 earnings per share for the current year.

Analyst Ratings Changes

EGHT has been the subject of several recent analyst reports. Barclays lifted their price objective on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Wells Fargo & Company lifted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Wedbush raised shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Finally, B. Riley reissued a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, 8X8 has a consensus rating of “Hold” and an average price target 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.