Russell Investments Group Ltd. decreased its position in 8×8, Inc. (NASDAQ:EGHT) by 88.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,684 shares of the technology company’s stock after selling 576,921 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of 8X8 worth $995,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Hunt Lane Capital LP acquired a new stake in shares of 8X8 during the second quarter worth approximately $36,375,000. Voya Investment Management LLC boosted its holdings in 8X8 by 2,585.9% in the second quarter. Voya Investment Management LLC now owns 1,055,746 shares of the technology company’s stock worth $15,361,000 after purchasing an additional 1,016,439 shares during the period. Royal Bank of Canada boosted its holdings in 8X8 by 1,598.1% in the second quarter. Royal Bank of Canada now owns 585,946 shares of the technology company’s stock worth $8,525,000 after purchasing an additional 551,440 shares during the period. Southpoint Capital Advisors LP bought a new stake in 8X8 in the second quarter valued at $7,275,000. Finally, Kornitzer Capital Management Inc. KS lifted its stake in 8X8 by 273.4% in the third quarter. Kornitzer Capital Management Inc. KS now owns 575,065 shares of the technology company’s stock valued at $7,763,000 after buying an additional 421,065 shares during the last quarter. 71.56% of the stock is owned by institutional investors.
A number of equities research analysts have issued reports on EGHT shares. Zacks Investment Research cut 8X8 from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. B. Riley restated a “hold” rating and set a $14.00 price objective on shares of 8X8 in a research note on Tuesday, October 24th. Summit Redstone cut shares of 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Robert W. Baird reaffirmed a “buy” rating and set a $17.00 target price on shares of 8X8 in a report on Friday, November 17th. Finally, William Blair reaffirmed a “hold” rating on shares of 8X8 in a report on Friday, November 17th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $17.30.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The business had revenue of $72.48 million during the quarter, compared to analyst estimates of $71.65 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The firm’s revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.06 EPS. sell-side analysts predict that 8×8, Inc. will post -0.12 earnings per share for the current year.
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8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.
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