Dimensional Fund Advisors LP Grows Stock Position in 8×8, Inc. (NASDAQ:EGHT)

Dimensional Fund Advisors LP boosted its position in 8×8, Inc. (NASDAQ:EGHT) by 10.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,484,108 shares of the company’s stock after purchasing an additional 145,606 shares during the quarter. Dimensional Fund Advisors LP owned about 1.18% of 8X8 worth $3,294,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Williams & Novak LLC acquired a new stake in shares of 8X8 during the second quarter worth $77,000. Dynamic Advisor Solutions LLC lifted its stake 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 purchasing an additional 15,665 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in 8X8 in the 1st quarter valued at approximately $97,000. Allspring Global Investments Holdings LLC raised its holdings in 8X8 by 2,383.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,518 shares of the company’s stock valued at $108,000 after acquiring an additional 46,564 shares in the last quarter. Finally, Virtus Investment Advisers Inc. bought a new position in shares of 8X8 during the 1st quarter worth about $139,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Stock Performance

Shares of EGHT opened at $1.86 on Friday. The business has a fifty day moving average of $1.94 and a 200 day moving average of $2.31. The company has a debt-to-equity ratio of 3.93, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market capitalization of $233.20 million, a P/E ratio of -3.38 and a beta of 1.56. 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 earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The business had revenue of $172.80 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period last year, the business posted ($0.04) earnings per share. As a group, sell-side analysts anticipate that 8×8, Inc. will post -0.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wells Fargo & Company lowered their price objective on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a research report on Friday, June 21st. Morgan Stanley lowered shares of 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 research report on Friday, June 14th. 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 report on Friday, August 9th. StockNews.com lowered 8X8 from a “buy” rating to a “hold” rating in a research note on Saturday, August 17th. Finally, Barclays reduced their price target on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.