8×8, Inc. (NASDAQ:EGHT) Stock Position Raised by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in 8×8, Inc. (NASDAQ:EGHT) by 8.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,982,393 shares of the company’s stock after buying an additional 237,181 shares during the quarter. Geode Capital Management LLC’s holdings in 8X8 were worth $6,085,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in EGHT. B. Riley Financial Inc. acquired a new position in shares of 8X8 during the 3rd quarter worth $1,997,000. First Eagle Investment Management LLC boosted its holdings in 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after purchasing an additional 576,418 shares in the last quarter. Invenomic Capital Management LP raised its holdings in 8X8 by 10.5% during the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares in the last quarter. FMR LLC lifted its position in shares of 8X8 by 24.5% in the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC boosted its stake in shares of 8X8 by 62.0% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock worth $975,000 after acquiring an additional 168,057 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on EGHT. Rosenblatt Securities lowered their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Barclays boosted their price objective on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. B. Riley reissued a “buy” rating and set a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Finally, Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $2.75 to $2.50 in a report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.87.

8X8 Trading Up 4.9 %

8X8 stock opened at $2.79 on Friday. The business has a 50 day moving average price of $2.79 and a two-hundred day moving average price of $2.37. 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 12 month low of $1.51 and a 12 month high of $3.78. The stock has a market cap of $364.54 million, a price-to-earnings ratio of -5.07, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 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 analyst estimates of $178.38 million. During the same period in the prior year, the company posted $0.02 earnings per share. 8X8’s revenue was down 2.2% on a year-over-year basis. As a group, equities analysts forecast that 8×8, Inc. will post 0.01 EPS for the current year.

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.