58,613 Shares in 8×8, Inc. (EGHT) Acquired by Columbia Partners L.L.C. Investment Management

Columbia Partners L.L.C. Investment Management purchased a new stake in 8×8, Inc. (NASDAQ:EGHT) in the 3rd quarter, HoldingsChannel reports. The fund purchased 58,613 shares of the technology company’s stock, valued at approximately $1,245,000.

Several other large investors have also recently modified their holdings of EGHT. BlackRock Inc. lifted its position in shares of 8X8 by 13.2% in the 2nd quarter. BlackRock Inc. now owns 12,987,725 shares of the technology company’s stock valued at $260,403,000 after acquiring an additional 1,517,513 shares in the last quarter. FMR LLC lifted its position in 8X8 by 127.1% in the 3rd quarter. FMR LLC now owns 2,534,871 shares of the technology company’s stock worth $53,865,000 after buying an additional 1,418,840 shares in the last quarter. Point72 Asset Management L.P. lifted its position in 8X8 by 35.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,126,500 shares of the technology company’s stock worth $62,686,000 after buying an additional 810,900 shares in the last quarter. First Trust Advisors LP lifted its position in 8X8 by 17.4% in the 2nd quarter. First Trust Advisors LP now owns 4,725,161 shares of the technology company’s stock worth $94,739,000 after buying an additional 700,508 shares in the last quarter. Finally, Putnam Investments LLC purchased a new stake in 8X8 in the 2nd quarter worth approximately $10,301,000. Institutional investors and hedge funds own 71.56% of the company’s stock.

In other news, Director Ian Potter sold 1,690 shares of the stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $18.35, for a total transaction of $31,011.50. Following the transaction, the director now owns 97,354 shares in the company, valued at approximately $1,786,445.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Vikram Verma purchased 5,730 shares of the company’s stock in a transaction dated Thursday, November 1st. The shares were acquired at an average price of $17.09 per share, for a total transaction of $97,925.70. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.

EGHT has been the subject of a number of research analyst reports. Bank of America set a $23.00 target price on shares of 8X8 and gave the stock a “hold” rating in a research report on Tuesday, October 30th. William Blair initiated coverage on shares of 8X8 in a research report on Wednesday, October 10th. They issued an “outperform” rating for the company. Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. Summit Insights reiterated a “hold” rating on shares of 8X8 in a research report on Tuesday, October 30th. Finally, BidaskClub downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $23.00.

EGHT stock opened at $20.20 on Tuesday. 8×8, Inc. has a 12-month low of $13.75 and a 12-month high of $23.50.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Monday, October 29th. The technology company reported ($0.04) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The business had revenue of $85.70 million for the quarter, compared to analyst estimates of $84.26 million. During the same quarter last year, the company earned $0.03 EPS. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year.

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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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Institutional Ownership by Quarter for 8X8 (NASDAQ:EGHT)

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