Principal Financial Group Inc. Buys 21,087 Shares of 8×8, Inc. (NASDAQ:EGHT)

Principal Financial Group Inc. grew its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 12.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 186,604 shares of the company’s stock after acquiring an additional 21,087 shares during the period. Principal Financial Group Inc.’s holdings in 8X8 were worth $414,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of EGHT. Allspring Global Investments Holdings LLC lifted its holdings in shares of 8X8 by 2,383.0% in 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 during the period. Bank of New York Mellon Corp lifted 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 acquiring an additional 52,371 shares during the period. Dynamic Advisor Solutions LLC grew its holdings in 8X8 by 83.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after acquiring an additional 15,665 shares in the last quarter. Williams & Novak LLC purchased a new position in 8X8 during the 2nd quarter valued at about $77,000. Finally, SG Americas Securities LLC bought a new stake in shares of 8X8 in the 2nd quarter valued at about $217,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Trading Up 4.4 %

8X8 stock opened at $1.88 on Friday. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a market cap of $241.26 million, a PE ratio of -3.42 and a beta of 1.55. The stock has a 50-day moving average of $2.26 and a two-hundred day moving average of $2.42. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.92.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $172.80 million for the quarter, compared to analyst estimates of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The business’s revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) EPS. On average, research analysts anticipate that 8×8, Inc. will post -0.08 EPS for the current fiscal year.

Analysts Set New Price Targets

EGHT has been the subject of a number of recent research reports. Barclays reduced their price objective on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Needham & Company LLC reduced their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Morgan Stanley downgraded 8X8 from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $3.00 to $2.00 in a research report on Friday, June 14th. Wells Fargo & Company decreased their price target on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Friday, June 21st. Finally, StockNews.com downgraded shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Saturday, August 17th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, 8X8 currently has a consensus rating of “Hold” and an average price target of $2.83.

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.