Oppenheimer Asset Management Inc. decreased its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 42.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,213 shares of the technology company’s stock after selling 11,321 shares during the period. Oppenheimer Asset Management Inc.’s holdings in 8X8 were worth $205,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC raised its position in 8X8 by 85.4% during the second quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock valued at $132,000 after purchasing an additional 4,184 shares in the last quarter. Flinton Capital Management LLC raised its position in 8X8 by 84.8% during the second quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock valued at $133,000 after purchasing an additional 4,182 shares in the last quarter. SG Americas Securities LLC purchased a new stake in 8X8 during the third quarter valued at about $139,000. Pinebridge Investments L.P. increased its holdings in shares of 8X8 by 1.8% in the second quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock worth $176,000 after buying an additional 209 shares during the period. Finally, Amalgamated Bank increased its holdings in shares of 8X8 by 5.0% in the second quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock worth $179,000 after buying an additional 581 shares during the period. Institutional investors and hedge funds own 71.56% of the company’s stock.
Several research firms have recently commented on EGHT. William Blair reiterated a “hold” rating on shares of 8X8 in a report on Friday, November 17th. Zacks Investment Research downgraded 8X8 from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. ValuEngine upgraded 8X8 from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Robert W. Baird reiterated a “buy” rating and issued a $17.00 price objective on shares of 8X8 in a report on Friday, November 17th. Finally, B. Riley reiterated a “hold” rating and issued a $14.00 price objective on shares of 8X8 in a report on Tuesday, October 24th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. 8X8 has an average rating of “Buy” and an average target price of $17.30.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company had revenue of $72.48 million for the quarter, compared to the consensus estimate of $71.65 million. During the same quarter in the previous year, the business earned $0.06 EPS. 8X8’s revenue was up 14.7% compared to the same quarter last year. equities research analysts anticipate that 8×8, Inc. will post -0.12 EPS for the current fiscal year.
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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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