Comerica Bank decreased its position in shares of 8×8, Inc. (NYSE:EGHT) by 5.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 102,940 shares of the technology company’s stock after selling 5,690 shares during the quarter. Comerica Bank owned about 0.09% of 8X8 worth $2,409,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in EGHT. ArrowMark Colorado Holdings LLC lifted its holdings in 8X8 by 23.5% in the second quarter. ArrowMark Colorado Holdings LLC now owns 4,260,014 shares of the technology company’s stock worth $118,258,000 after purchasing an additional 810,400 shares during the period. Archon Capital Management LLC acquired a new stake in 8X8 in the second quarter worth about $20,976,000. Deutsche Bank AG lifted its holdings in 8X8 by 24.9% in the second quarter. Deutsche Bank AG now owns 2,166,586 shares of the technology company’s stock worth $60,145,000 after purchasing an additional 432,622 shares during the period. Bloom Tree Partners LLC lifted its holdings in 8X8 by 93.0% in the second quarter. Bloom Tree Partners LLC now owns 729,973 shares of the technology company’s stock worth $20,264,000 after purchasing an additional 351,761 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in 8X8 by 2.7% in the second quarter. Vanguard Group Inc. now owns 11,417,081 shares of the technology company’s stock worth $316,938,000 after purchasing an additional 303,279 shares during the period. 96.42% of the stock is owned by institutional investors.
EGHT has been the subject of several research analyst reports. B. Riley reaffirmed a “neutral” rating on shares of 8X8 in a report on Wednesday, November 3rd. Zacks Investment Research cut shares of 8X8 from a “buy” rating to a “sell” rating in a research report on Monday, November 8th. Barclays started coverage on shares of 8X8 in a research report on Wednesday, October 20th. They issued an “equal weight” rating and a $25.00 price target on the stock. Colliers Securities reiterated a “buy” rating and issued a $42.00 price target on shares of 8X8 in a research report on Wednesday, September 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $32.00 price target on shares of 8X8 in a research report on Wednesday, November 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $32.92.
NYSE EGHT opened at $21.60 on Thursday. The stock’s 50-day moving average price is $23.10 and its two-hundred day moving average price is $24.53. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 2.08. The company has a market cap of $2.46 billion, a PE ratio of -13.67 and a beta of 1.08. 8×8, Inc. has a 1 year low of $19.26 and a 1 year high of $39.17.
8X8 (NYSE:EGHT) last posted its quarterly earnings data on Tuesday, November 2nd. The technology company reported $0.01 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.01. The firm had revenue of $151.56 million for the quarter, compared to the consensus estimate of $149.48 million. 8X8 had a negative return on equity of 87.26% and a negative net margin of 29.50%. During the same quarter in the previous year, the company earned ($0.28) EPS. Research analysts forecast that 8×8, Inc. will post -1.27 EPS for the current fiscal year.
8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in San Jose, CA.
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