8×8, Inc. (NASDAQ:EGHT) Shares Purchased by Barclays PLC

Barclays PLC raised its position in 8×8, Inc. (NASDAQ:EGHT) by 198.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 216,123 shares of the company’s stock after purchasing an additional 143,791 shares during the period. Barclays PLC’s holdings in 8X8 were worth $440,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in 8X8 by 10.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 558,234 shares of the company’s stock valued at $1,239,000 after acquiring an additional 52,371 shares in the last quarter. American Century Companies Inc. increased its stake in shares of 8X8 by 21.6% during the 2nd quarter. American Century Companies Inc. now owns 154,009 shares of the company’s stock worth $342,000 after purchasing an additional 27,306 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of 8X8 by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after purchasing an additional 145,606 shares during the last quarter. First Eagle Investment Management LLC lifted its stake in 8X8 by 105.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after buying an additional 576,418 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in 8X8 during the 2nd quarter valued at $49,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.58 on Friday. The company has a market cap of $337.10 million, a P/E ratio of -4.69, a P/E/G ratio of 22.25 and a beta of 1.66. The firm’s 50 day moving average is $2.84 and its two-hundred day moving average is $2.41. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.76. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same period last year, the company posted $0.02 EPS. The business’s quarterly revenue was down 2.2% on a year-over-year basis. Analysts expect that 8×8, Inc. will post 0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

EGHT has been the subject of a number of analyst reports. B. Riley reissued a “buy” rating and issued a $4.00 price target (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Wells Fargo & Company upped their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities lowered their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.87.

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.