BNP Paribas Arbitrage SA boosted its stake in 8×8, Inc. (NASDAQ:EGHT) by 69.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 46,130 shares of the technology company’s stock after acquiring an additional 18,941 shares during the period. BNP Paribas Arbitrage SA owned 0.05% of 8X8 worth $623,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in EGHT. Municipal Employees Retirement System of Michigan raised its position in shares of 8X8 by 4.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 21,650 shares of the technology company’s stock valued at $315,000 after purchasing an additional 1,010 shares during the period. Vanguard Group Inc. increased its holdings in 8X8 by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 4,973,283 shares of the technology company’s stock worth $72,362,000 after acquiring an additional 213,257 shares during the period. Goldman Sachs Group Inc. increased its holdings in 8X8 by 9.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 254,605 shares of the technology company’s stock worth $3,704,000 after acquiring an additional 21,879 shares during the period. GSA Capital Partners LLP increased its holdings in 8X8 by 280.7% during the 2nd quarter. GSA Capital Partners LLP now owns 38,190 shares of the technology company’s stock worth $556,000 after acquiring an additional 28,159 shares during the period. Finally, Kornitzer Capital Management Inc. KS increased its holdings in 8X8 by 273.4% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 575,065 shares of the technology company’s stock worth $7,763,000 after acquiring an additional 421,065 shares during the period. 71.56% of the stock is currently owned by institutional investors and hedge funds.
Shares of 8×8, Inc. (EGHT) opened at $14.40 on Friday. 8×8, Inc. has a 1-year low of $10.30 and a 1-year high of $16.80.
8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Thursday, October 26th. The technology company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The business had revenue of $72.48 million during the quarter, compared to analyst estimates of $71.65 million. During the same period in the prior year, the business earned $0.06 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. analysts forecast that 8×8, Inc. will post -0.12 earnings per share for the current year.
A number of research firms recently weighed in on EGHT. ValuEngine raised shares of 8X8 from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research lowered shares of 8X8 from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. B. Riley reaffirmed a “hold” rating and set a $14.00 target price on shares of 8X8 in a report on Tuesday, October 24th. William Blair reissued a “hold” rating on shares of 8X8 in a research note on Friday, November 17th. Finally, Robert W. Baird reissued a “buy” rating and issued a $17.00 price target on shares of 8X8 in a research note on Friday, November 17th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $17.30.
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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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