Squarepoint Ops LLC lowered its holdings in shares of 8×8, Inc. (NYSE:EGHT) by 18.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,753 shares of the technology company’s stock after selling 22,049 shares during the period. Squarepoint Ops LLC’s holdings in 8X8 were worth $2,025,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Sylebra Capital Ltd lifted its position in 8X8 by 5.0% in the third quarter. Sylebra Capital Ltd now owns 4,450,425 shares of the technology company’s stock worth $92,213,000 after purchasing an additional 211,882 shares during the period. Barclays PLC grew its holdings in 8X8 by 0.6% during the third quarter. Barclays PLC now owns 3,066,453 shares of the technology company’s stock worth $63,538,000 after acquiring an additional 18,845 shares during the period. California State Teachers Retirement System raised its position in 8X8 by 1.2% in the third quarter. California State Teachers Retirement System now owns 146,090 shares of the technology company’s stock worth $3,027,000 after acquiring an additional 1,745 shares in the last quarter. Neo Ivy Capital Management bought a new stake in 8X8 in the third quarter worth about $641,000. Finally, State Street Corp lifted its holdings in 8X8 by 0.6% in the 3rd quarter. State Street Corp now owns 2,812,288 shares of the technology company’s stock valued at $58,271,000 after acquiring an additional 15,862 shares during the last quarter. 90.11% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Dejan Deklich sold 3,715 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $20.00, for a total transaction of $74,300.00. Following the sale, the executive vice president now owns 13,143 shares in the company, valued at $262,860. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.00% of the stock is owned by insiders.
NYSE EGHT opened at $18.18 on Monday. The stock’s 50-day moving average price is $19.77 and its two-hundred day moving average price is $22.73. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 1.25. The company has a market cap of $1.82 billion, a PE ratio of -26.35 and a beta of 0.68. 8×8, Inc. has a 1 year low of $16.34 and a 1 year high of $26.67.
8X8 (NYSE:EGHT) last posted its quarterly earnings data on Wednesday, October 30th. The technology company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.01. 8X8 had a negative net margin of 32.60% and a negative return on equity of 40.84%. The company had revenue of $109.50 million during the quarter, compared to analyst estimates of $106.51 million. During the same period in the prior year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was up 27.8% on a year-over-year basis. Research analysts forecast that 8×8, Inc. will post -1.26 EPS for the current fiscal year.
EGHT has been the subject of several research reports. Stephens restated a “buy” rating and set a $27.00 price objective on shares of 8X8 in a research report on Thursday, October 31st. Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a report on Wednesday, December 4th. Summit Insights raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. B. Riley upgraded shares of 8X8 from a “sell” rating to a “neutral” rating and set a $18.50 target price for the company in a report on Thursday, October 24th. They noted that the move was a valuation call. Finally, ValuEngine upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $25.11.
8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.
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