Kornitzer Capital Management Inc. KS trimmed its holdings in 8×8, Inc. (NASDAQ:EGHT) by 31.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,162,680 shares of the technology company’s stock after selling 521,250 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in 8X8 were worth $24,707,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in 8X8 in the second quarter worth approximately $108,000. OppenheimerFunds Inc. purchased a new position in 8X8 in the second quarter worth approximately $201,000. Laurion Capital Management LP purchased a new position in 8X8 in the second quarter worth approximately $215,000. SG Americas Securities LLC boosted its position in shares of 8X8 by 29.6% during the second quarter. SG Americas Securities LLC now owns 16,240 shares of the technology company’s stock worth $326,000 after buying an additional 3,713 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of 8X8 during the second quarter worth $394,000. Institutional investors own 71.56% of the company’s stock.
EGHT has been the subject of several research analyst reports. BidaskClub upgraded 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 10th. Zacks Investment Research upgraded 8X8 from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. William Blair initiated coverage on 8X8 in a research report on Wednesday, October 10th. They set an “outperform” rating for the company. Summit Insights restated a “hold” rating on shares of 8X8 in a research report on Tuesday, October 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $23.00 price target (down from $25.00) on shares of 8X8 in a research report on Tuesday, October 30th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $23.00.
EGHT opened at $19.71 on Friday. 8×8, Inc. has a 52 week low of $13.75 and a 52 week high of $23.50.
8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, October 29th. The technology company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $85.70 million for the quarter, compared to analysts’ expectations of $84.26 million. The company’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share.
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8X8 Company Profile
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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