Sei Investments Co. Acquires New Shares in 8×8, Inc. (NASDAQ:EGHT)

Sei Investments Co. acquired a new stake in shares of 8×8, Inc. (NASDAQ:EGHT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,820 shares of the company’s stock, valued at approximately $44,000.

Several other institutional investors also recently modified their holdings of EGHT. XTX Topco Ltd purchased a new stake in shares of 8X8 during the second quarter valued at $49,000. Williams & Novak LLC bought a new position in 8X8 in the second quarter valued at about $77,000. Dynamic Advisor Solutions LLC lifted its holdings in 8X8 by 83.1% in the second 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 during the period. EntryPoint Capital LLC bought a new position in 8X8 in the first quarter valued at about $97,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in 8X8 by 2,383.0% in the second 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 during the period. 93.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. StockNews.com downgraded 8X8 from a “buy” rating to a “hold” rating in a report on Saturday, August 17th. Barclays decreased their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 price objective on shares of 8X8 in a research note on Thursday, August 22nd. Needham & Company LLC decreased their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Wells Fargo & Company decreased their price objective on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.83.

8X8 Stock Up 5.4 %

Shares of EGHT opened at $1.96 on Friday. The business’s 50 day moving average is $1.91 and its 200 day moving average is $2.30. The company has a market capitalization of $251.53 million, a PE ratio of -3.92 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. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT) last issued its earnings results 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 business had revenue of $172.80 million for the quarter, compared to the consensus estimate of $178.90 million. 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The firm’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) EPS. Research analysts expect that 8×8, Inc. will post -0.08 earnings per share for the current fiscal year.

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.