Sanctuary Advisors LLC Makes New Investment in 8×8, Inc. (NASDAQ:EGHT)

Sanctuary Advisors LLC purchased a new position in 8×8, Inc. (NASDAQ:EGHT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 33,760 shares of the company’s stock, valued at approximately $77,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sei Investments Co. purchased a new position in shares of 8X8 during the second quarter worth $44,000. XTX Topco Ltd acquired a new position in shares of 8X8 in the 2nd quarter valued at about $49,000. Williams & Novak LLC purchased a new stake in shares of 8X8 in the second quarter worth about $77,000. Dynamic Advisor Solutions LLC grew its holdings in 8X8 by 83.1% during the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after acquiring an additional 15,665 shares during the period. Finally, EntryPoint Capital LLC purchased a new position in 8X8 during the first quarter valued at approximately $97,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Wall Street Analyst Weigh In

EGHT has been the topic of several recent analyst reports. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Needham & Company LLC dropped their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Barclays reduced their target price on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, August 9th. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research note on Thursday, August 22nd. Finally, Wedbush upgraded shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, 8X8 presently has a consensus rating of “Hold” and a consensus target price of $2.83.

8X8 Trading Up 2.0 %

NASDAQ:EGHT opened at $2.02 on Tuesday. The stock has a fifty day simple moving average of $1.89 and a 200-day simple moving average of $2.27. The company has a market capitalization of $253.26 million, a PE ratio of -3.67 and a beta of 1.56. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.92. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data 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). 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The business had revenue of $172.80 million for the quarter, compared to analyst estimates of $178.90 million. During the same quarter last year, the business earned ($0.04) EPS. 8X8’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, equities research analysts expect that 8×8, Inc. will post -0.08 earnings per share for the current fiscal 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.