XTX Topco Ltd Increases Holdings in 8×8, Inc. (NASDAQ:EGHT)

XTX Topco Ltd raised its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 487.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 130,490 shares of the company’s stock after purchasing an additional 108,293 shares during the period. XTX Topco Ltd owned 0.10% of 8X8 worth $266,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the company. B. Riley Financial Inc. bought a new position in 8X8 in the 3rd quarter worth about $1,997,000. BNP Paribas Financial Markets boosted its stake in 8X8 by 8.2% in the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after buying an additional 11,287 shares in the last quarter. FMR LLC grew its holdings in shares of 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after purchasing an additional 314,441 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in 8X8 in the second quarter worth $77,000. Finally, First Eagle Investment Management LLC boosted its position in 8X8 by 105.1% during the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after buying an additional 576,418 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.75 on Thursday. The firm has a market cap of $359.32 million, a P/E ratio of -5.00, a PEG ratio of 26.98 and a beta of 1.63. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.92. The company has a 50 day moving average of $2.64 and a 200 day moving average of $2.35.

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

Analyst Ratings Changes

EGHT has been the topic of several analyst reports. Barclays lifted their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley raised their price target on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Finally, Rosenblatt Securities dropped their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $2.87.

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.