Park West Asset Management LLC purchased a new stake in 8×8, Inc. (NASDAQ:EGHT) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,010,000 shares of the technology company’s stock, valued at approximately $18,836,000. Park West Asset Management LLC owned 1.10% of 8X8 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in shares of 8X8 by 352.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,831 shares of the technology company’s stock valued at $147,000 after purchasing an additional 6,099 shares during the period. Elkfork Partners LLC acquired a new position in shares of 8X8 in the 4th quarter valued at $150,000. Xact Kapitalforvaltning AB acquired a new position in shares of 8X8 in the 4th quarter valued at $157,000. Stone Ridge Asset Management LLC acquired a new position in shares of 8X8 in the 4th quarter valued at $199,000. Finally, SG Americas Securities LLC acquired a new position in shares of 8X8 in the 1st quarter valued at $234,000. Institutional investors and hedge funds own 71.56% of the company’s stock.
A number of research firms recently weighed in on EGHT. Bank of America reiterated a “neutral” rating on shares of 8X8 in a research report on Saturday, June 2nd. Zacks Investment Research lowered 8X8 from a “hold” rating to a “strong sell” rating in a research report on Friday, June 1st. William Blair reiterated a “hold” rating on shares of 8X8 in a research report on Wednesday, May 16th. BidaskClub upgraded 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, April 20th. Finally, CIBC began coverage on 8X8 in a research report on Thursday, April 19th. They issued an “outperform” rating for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $20.00.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Thursday, May 24th. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $79.30 million during the quarter, compared to the consensus estimate of $76.97 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.05 EPS. equities analysts predict that 8×8, Inc. will post -0.12 EPS for the current fiscal year.
In other 8X8 news, CEO Vikram Verma acquired 7,700 shares of 8X8 stock in a transaction that occurred on Wednesday, May 30th. The stock was purchased at an average cost of $18.21 per share, with a total value of $140,217.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 4.40% of the stock is currently owned by corporate insiders.
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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