State Street Corp Has $4.85 Million Stake in 8×8, Inc. (NASDAQ:EGHT)

State Street Corp reduced its holdings in 8×8, Inc. (NASDAQ:EGHT) by 19.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,376,192 shares of the company’s stock after selling 583,136 shares during the quarter. State Street Corp owned approximately 1.82% of 8X8 worth $4,847,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of EGHT. Bank of New York Mellon Corp boosted its stake in 8X8 by 10.4% in the second quarter. Bank of New York Mellon Corp now owns 558,234 shares of the company’s stock worth $1,239,000 after purchasing an additional 52,371 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in 8X8 by 2,383.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,518 shares of the company’s stock worth $108,000 after buying an additional 46,564 shares in the last quarter. Principal Financial Group Inc. grew its holdings in 8X8 by 12.7% during the 2nd quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock worth $414,000 after acquiring an additional 21,087 shares during the last quarter. American Century Companies Inc. increased its position in 8X8 by 21.6% in the 2nd quarter. American Century Companies Inc. now owns 154,009 shares of the company’s stock valued at $342,000 after acquiring an additional 27,306 shares in the last quarter. Finally, Wealthspire Advisors LLC bought a new position in shares of 8X8 in the second quarter worth about $240,000. 93.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wells Fargo & Company upped their price target on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Barclays upped 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 reissued a “buy” rating and set a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Finally, Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.87.

8X8 Stock Down 2.9 %

8X8 stock opened at $2.70 on Monday. 8×8, Inc. has a twelve month low of $1.51 and a twelve month 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. The company has a 50 day moving average of $2.74 and a 200-day moving average of $2.36. The stock has a market capitalization of $352.78 million, a PE ratio of -4.91, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63.

8X8 (NASDAQ:EGHT) last released 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 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. On average, equities research analysts anticipate that 8×8, Inc. will post 0.01 EPS for the current fiscal 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.