American Century Companies Inc. Purchases 27,306 Shares of 8×8, Inc. (NASDAQ:EGHT)

American Century Companies Inc. boosted its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 21.6% in the second quarter, Holdings Channel.com reports. The firm owned 154,009 shares of the company’s stock after acquiring an additional 27,306 shares during the period. American Century Companies Inc.’s holdings in 8X8 were worth $342,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after acquiring an additional 4,255 shares in the last quarter. Dynamic Advisor Solutions LLC grew its holdings in shares of 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock valued at $77,000 after acquiring an additional 15,665 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of 8X8 by 12.7% in the 2nd quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock valued at $414,000 after acquiring an additional 21,087 shares in the last quarter. Williams & Novak LLC bought a new position in shares of 8X8 in the 2nd quarter valued at about $77,000. Finally, EntryPoint Capital LLC bought a new position in shares of 8X8 in the 1st quarter valued at about $97,000. Institutional investors own 93.99% of the company’s stock.

8X8 Trading Up 0.5 %

Shares of EGHT stock opened at $2.01 on Friday. The firm has a 50 day moving average price of $2.04 and a two-hundred day moving average price of $2.34. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The company has a market capitalization of $252.01 million, a PE ratio of -3.65 and a beta of 1.56. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.92.

8X8 (NASDAQ:EGHT) last issued 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 return on equity of 6.51% and a negative net margin of 8.65%. The company’s revenue was down 5.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.04) earnings per share. As a group, analysts predict that 8×8, Inc. will post -0.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on EGHT shares. StockNews.com cut 8X8 from a “buy” rating to a “hold” rating in a report on Saturday, August 17th. Needham & Company LLC decreased their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, August 9th. Morgan Stanley cut 8X8 from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $3.00 to $2.00 in a report on Friday, June 14th. Barclays reduced their price target on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Finally, Wells Fargo & Company reduced their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Friday, June 21st. Two equities research 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.