8×8, Inc. (NASDAQ:EGHT) Shares Acquired by Barclays PLC

Barclays PLC raised its stake in 8×8, Inc. (NASDAQ:EGHT) by 198.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 216,123 shares of the company’s stock after purchasing an additional 143,791 shares during the period. Barclays PLC owned 0.17% of 8X8 worth $440,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in shares of 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after buying an additional 237,181 shares during the last quarter. XTX Topco Ltd grew its holdings in shares of 8X8 by 487.9% during the third quarter. XTX Topco Ltd now owns 130,490 shares of the company’s stock worth $266,000 after purchasing an additional 108,293 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of 8X8 by 18.6% during the third quarter. Jane Street Group LLC now owns 178,674 shares of the company’s stock worth $364,000 after purchasing an additional 28,030 shares during the last quarter. Invenomic Capital Management LP lifted its holdings in shares of 8X8 by 10.5% in the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after purchasing an additional 524,580 shares during the last quarter. Finally, B. Riley Financial Inc. acquired a new stake in shares of 8X8 in the 3rd quarter valued at about $1,997,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Stock Performance

NASDAQ EGHT opened at $2.58 on Friday. The stock has a market capitalization of $337.10 million, a price-to-earnings ratio of -4.69, a PEG ratio of 22.25 and a beta of 1.66. The business’s 50 day moving average is $2.84 and its two-hundred day moving average is $2.41. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.76. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on EGHT shares. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Barclays increased their price target on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Wedbush upgraded shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their target price on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Finally, StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 8X8 currently has a consensus rating of “Hold” and an average target price of $2.87.

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.