Victory Capital Management Inc. Grows Holdings in 8×8, Inc. (NASDAQ:EGHT)

Victory Capital Management Inc. boosted its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 138.2% in the third quarter, HoldingsChannel reports. The fund owned 76,273 shares of the company’s stock after acquiring an additional 44,255 shares during the period. Victory Capital Management Inc.’s holdings in 8X8 were worth $156,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of 8X8 during the third quarter valued at approximately $30,000. Sei Investments Co. bought a new position in shares of 8X8 during the second quarter valued at $44,000. XTX Topco Ltd purchased a new position in shares of 8X8 in the 2nd quarter worth about $49,000. Dynamic Advisor Solutions LLC boosted its stake in 8X8 by 83.1% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after purchasing an additional 15,665 shares in the last quarter. Finally, Williams & Novak LLC purchased a new stake in 8X8 during the 2nd quarter valued at about $77,000. Institutional investors own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

EGHT has been the topic of several analyst reports. B. Riley reiterated a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Needham & Company LLC reduced 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. Mizuho boosted their price target on 8X8 from $2.50 to $2.75 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Wedbush raised 8X8 to a “hold” rating in a research report on Thursday, October 17th. Finally, Barclays boosted their target price on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.82.

8X8 Stock Performance

Shares of EGHT opened at $3.10 on Friday. The firm has a market capitalization of $405.05 million, a P/E ratio of -5.64, a PEG ratio of 26.98 and a beta of 1.54. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.92. The business has a fifty day moving average of $2.37 and a 200 day moving average of $2.33.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same period in the previous year, the company posted $0.02 EPS. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that 8×8, Inc. will post 0.01 EPS for the current year.

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.