Intech Investment Management LLC Acquires Shares of 24,256 8×8, Inc. (NASDAQ:EGHT)

Intech Investment Management LLC bought a new stake in 8×8, Inc. (NASDAQ:EGHT) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 24,256 shares of the company’s stock, valued at approximately $49,000.

Other institutional investors have also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in 8X8 by 0.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after purchasing an additional 4,145 shares in the last quarter. Price T Rowe Associates Inc. MD increased 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 worth $325,000 after buying an additional 4,255 shares during the last quarter. Creative Planning increased its holdings in shares of 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after buying an additional 5,453 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in 8X8 in the third quarter worth $30,000. Finally, Dynamic Advisor Solutions LLC increased its position in shares of 8X8 by 83.1% during 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. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

Shares of EGHT opened at $3.17 on Monday. The firm’s 50-day simple moving average is $2.49 and its two-hundred day simple moving average is $2.34. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The stock has a market cap of $414.19 million, a PE ratio of -5.76, a price-to-earnings-growth ratio of 26.80 and a beta of 1.63. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18.

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

Analyst Ratings Changes

EGHT has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Barclays boosted their price objective on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Mizuho boosted their price target on 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Finally, Wedbush raised 8X8 to a “hold” rating in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.82.

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.