Perigon Wealth Management LLC Has $1.04 Million Holdings in 8×8, Inc. (NASDAQ:EGHT)

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Perigon Wealth Management LLC lessened its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 5.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 43,283 shares of the technology company’s stock after selling 2,500 shares during the quarter. Perigon Wealth Management LLC’s holdings in 8X8 were worth $1,043,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. Swiss National Bank grew its stake in shares of 8X8 by 2.3% during the second quarter. Swiss National Bank now owns 177,900 shares of the technology company’s stock worth $4,287,000 after purchasing an additional 4,000 shares during the period. Envestnet Asset Management Inc. acquired a new stake in shares of 8X8 during the second quarter worth $209,000. Stephens Inc. AR acquired a new stake in shares of 8X8 during the second quarter worth $241,000. Kornitzer Capital Management Inc. KS grew its stake in shares of 8X8 by 7.8% during the second quarter. Kornitzer Capital Management Inc. KS now owns 1,193,764 shares of the technology company’s stock worth $28,770,000 after purchasing an additional 86,849 shares during the period. Finally, Municipal Employees Retirement System of Michigan grew its stake in shares of 8X8 by 2.3% during the second quarter. Municipal Employees Retirement System of Michigan now owns 28,610 shares of the technology company’s stock worth $690,000 after purchasing an additional 650 shares during the period. 71.56% of the stock is currently owned by institutional investors.

A number of equities research analysts recently commented on the company. Zacks Investment Research cut 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Rosenblatt Securities reissued a “neutral” rating and issued a $27.00 target price (up from $22.50) on shares of 8X8 in a research note on Wednesday, July 24th. Bank of America boosted their target price on 8X8 from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. B. Riley cut 8X8 from a “neutral” rating to a “sell” rating and boosted their target price for the company from $17.50 to $18.50 in a research note on Wednesday, July 31st. Finally, Craig Hallum reissued a “hold” rating and issued a $25.00 target price (up from $19.00) on shares of 8X8 in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $26.11.

In other news, CEO Vikram Verma purchased 4,200 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were bought at an average cost of $23.54 per share, for a total transaction of $98,868.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.40% of the company’s stock.

NASDAQ:EGHT traded up $0.29 on Tuesday, reaching $25.04. The company’s stock had a trading volume of 10,094 shares, compared to its average volume of 1,310,116. 8×8, Inc. has a 1-year low of $15.13 and a 1-year high of $26.67. The business’s 50-day moving average price is $24.90 and its two-hundred day moving average price is $22.59.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.15. The firm had revenue of $96.68 million during the quarter, compared to the consensus estimate of $95.88 million. The business’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.04) earnings per share.

8X8 Company Profile

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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Institutional Ownership by Quarter for 8X8 (NASDAQ:EGHT)

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