Jane Street Group LLC raised its position in 8×8, Inc. (NASDAQ:EGHT – Free Report) by 18.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 178,674 shares of the company’s stock after acquiring an additional 28,030 shares during the quarter. Jane Street Group LLC’s holdings in 8X8 were worth $364,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. Invenomic Capital Management LP grew its position in 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after acquiring an additional 524,580 shares in the last quarter. B. Riley Financial Inc. purchased a new position in shares of 8X8 during the 3rd quarter valued at approximately $1,997,000. BNP Paribas Financial Markets boosted its stake in shares of 8X8 by 8.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after buying an additional 11,287 shares during the last quarter. FMR LLC boosted its stake in shares of 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after buying an additional 314,441 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of 8X8 during the 3rd quarter valued at approximately $108,000. Institutional investors and hedge funds own 93.99% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently commented on EGHT. Rosenblatt Securities reduced their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. B. Riley restated a “buy” rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Wells Fargo & Company raised their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Morgan Stanley raised their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Finally, Wedbush upgraded 8X8 to a “hold” rating in a research note on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.87.
8X8 Price Performance
Shares of NASDAQ EGHT opened at $2.65 on Thursday. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.76. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The business’s fifty day moving average price is $2.84 and its two-hundred day moving average price is $2.39. The firm has a market capitalization of $346.25 million, a PE ratio of -4.82, a P/E/G ratio of 26.98 and a beta of 1.66.
8X8 (NASDAQ:EGHT – Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company earned $0.02 earnings per share. On average, research analysts expect that 8×8, Inc. will post 0.01 EPS for the current year.
8X8 Company Profile
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.
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