8×8, Inc. (NASDAQ:EGHT) Shares Sold by Perkins Capital Management Inc.

Perkins Capital Management Inc. cut its position in 8×8, Inc. (NASDAQ:EGHT) by 27.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,500 shares of the company’s stock after selling 57,500 shares during the quarter. Perkins Capital Management Inc. owned 0.12% of 8X8 worth $311,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Susquehanna Fundamental Investments LLC acquired a new position in 8X8 during the 1st quarter worth $732,000. Vanguard Group Inc. grew its stake in 8X8 by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after purchasing an additional 561,436 shares in the last quarter. Boston Partners grew its stake in 8X8 by 473.2% during the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after purchasing an additional 3,073,230 shares in the last quarter. Acadian Asset Management LLC grew its stake in 8X8 by 188.7% during the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after purchasing an additional 1,279,145 shares in the last quarter. Finally, First Eagle Investment Management LLC acquired a new position in 8X8 during the 1st quarter worth $1,482,000. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Up 4.0 %

8X8 stock opened at $2.86 on Thursday. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The company has a debt-to-equity ratio of 3.93, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market capitalization of $367.02 million, a P/E ratio of -5.20 and a beta of 1.54. The stock has a 50-day simple moving average of $1.99 and a 200-day simple moving average of $2.26.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.06% and a negative net margin of 9.68%. The business had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same period in the previous year, the business earned $0.02 EPS. The business’s quarterly revenue was down 2.2% on a year-over-year basis. Equities research analysts expect that 8×8, Inc. will post -0.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. B. Riley reissued a “buy” rating and set a $4.00 target price (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Barclays lifted their price target on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday. Mizuho lifted their price target on 8X8 from $2.50 to $2.75 and gave the stock a “neutral” rating in a report on Tuesday. Rosenblatt Securities decreased their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Finally, Needham & Company LLC decreased their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and an average price target of $2.82.

About 8X8

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.