First Eagle Investment Management LLC Grows Position in 8×8, Inc. (NASDAQ:EGHT)

First Eagle Investment Management LLC raised its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 105.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,125,123 shares of the company’s stock after purchasing an additional 576,418 shares during the period. First Eagle Investment Management LLC owned 0.90% of 8X8 worth $2,498,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of EGHT. Victory Capital Management Inc. increased its holdings in shares of 8X8 by 36.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after buying an additional 4,670 shares during the last quarter. Williams & Novak LLC acquired a new position in shares of 8X8 during the second quarter worth about $77,000. Dynamic Advisor Solutions LLC boosted its position in shares of 8X8 by 83.1% in the second 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 period. EntryPoint Capital LLC acquired a new stake in shares of 8X8 in the first quarter valued at about $97,000. Finally, Virtu Financial LLC purchased a new stake in shares of 8X8 during the 4th quarter valued at about $168,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Performance

Shares of 8X8 stock opened at $1.89 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. 8×8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.92. The firm’s 50-day simple moving average is $2.22 and its 200-day simple moving average is $2.39. The firm has a market cap of $236.96 million, a PE ratio of -3.44 and a beta of 1.55.

8X8 (NASDAQ:EGHT) last announced 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 firm 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 company’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) EPS. Equities analysts forecast that 8×8, Inc. will post -0.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

EGHT has been the subject of several recent research reports. Morgan Stanley downgraded shares of 8X8 from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $3.00 to $2.00 in a research report on Friday, June 14th. Wells Fargo & Company dropped their price target on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Friday, June 21st. StockNews.com cut shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Saturday, August 17th. Needham & Company LLC lowered their target price on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus price target of $2.83.

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.