Pallas Capital Advisors LLC Invests $29,000 in 8×8, Inc. (NASDAQ:EGHT)

Pallas Capital Advisors LLC bought a new stake in 8×8, Inc. (NASDAQ:EGHT) during the 4th quarter, HoldingsChannel reports. The firm bought 10,738 shares of the company’s stock, valued at approximately $29,000.

A number of other institutional investors have also bought and sold shares of EGHT. Wealth Enhancement Advisory Services LLC acquired a new position in shares of 8X8 in the 3rd quarter valued at about $30,000. Virtu Financial LLC bought a new position in shares of 8X8 during the 3rd quarter worth approximately $36,000. Sei Investments Co. acquired a new stake in shares of 8X8 during the 2nd quarter worth approximately $44,000. XTX Topco Ltd bought a new position in shares of 8X8 during the 2nd quarter worth about $49,000. Finally, Intech Investment Management LLC acquired a new stake in shares of 8X8 in the 3rd quarter valued at about $49,000. Institutional investors own 93.99% of the company’s stock.

8X8 Stock Performance

Shares of EGHT opened at $2.72 on Thursday. The stock has a 50 day moving average of $2.86 and a 200 day moving average of $2.41. The company has a market capitalization of $355.40 million, a price-to-earnings ratio of -4.95, a PEG ratio of 22.55 and a beta of 1.66. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.76. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last announced its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $181.00 million during 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 business’s revenue was down 2.2% compared to the same quarter last year. During the same period last year, the firm posted $0.02 EPS. As a group, sell-side analysts forecast that 8×8, Inc. will post 0.01 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Rosenblatt Securities dropped their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Wedbush raised shares of 8X8 to a “hold” rating in a research report on Thursday, October 17th. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Wells Fargo & Company lifted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Finally, B. Riley reaffirmed a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, 8X8 has a consensus rating of “Hold” and a consensus target price of $2.87.

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.