American National Registered Investment Advisor Inc. held its position in 8×8 Inc (NASDAQ:EGHT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,245 shares of the technology company’s stock at the end of the second quarter. American National Registered Investment Advisor Inc.’s holdings in 8×8 were worth $440,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. American National Insurance Co. TX acquired a new position in 8×8 during the first quarter valued at $3,993,000. Great West Life Assurance Co. Can raised its position in 8×8 by 6.9% in the first quarter. Great West Life Assurance Co. Can now owns 126,146 shares of the technology company’s stock valued at $1,917,000 after buying an additional 8,143 shares in the last quarter. Shell Asset Management Co. raised its position in 8×8 by 2.5% in the first quarter. Shell Asset Management Co. now owns 785,468 shares of the technology company’s stock valued at $11,978,000 after buying an additional 18,810 shares in the last quarter. Profund Advisors LLC raised its position in 8×8 by 6.4% in the first quarter. Profund Advisors LLC now owns 71,491 shares of the technology company’s stock valued at $1,090,000 after buying an additional 4,316 shares in the last quarter. Finally, Fisher Asset Management LLC raised its position in 8×8 by 75.1% in the first quarter. Fisher Asset Management LLC now owns 188,626 shares of the technology company’s stock valued at $2,877,000 after buying an additional 80,890 shares in the last quarter. Hedge funds and other institutional investors own 68.01% of the company’s stock.
Shares of 8×8 Inc (EGHT) opened at 13.55 on Thursday. 8×8 Inc has a one year low of $12.60 and a one year high of $16.80. The stock has a 50 day moving average price of $14.43 and a 200-day moving average price of $14.62. The company’s market capitalization is $1.24 billion.
8×8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, May 25th. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. The company had revenue of $66.49 million for the quarter, compared to analysts’ expectations of $65.54 million. 8×8 had a negative net margin of 1.88% and a positive return on equity of 2.26%. The business’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.03 EPS. On average, equities research analysts expect that 8×8 Inc will post $0.17 EPS for the current year.
8×8 declared that its board has initiated a share buyback program on Thursday, May 25th that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 28% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several research firms have weighed in on EGHT. Morgan Stanley began coverage on 8×8 in a report on Tuesday, April 11th. They set an “equal weight” rating and a $17.00 target price on the stock. Zacks Investment Research lowered 8×8 from a “hold” rating to a “sell” rating in a report on Thursday, March 30th. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. William Blair lowered 8×8 from an “outperform” rating to a “market perform” rating in a report on Monday, May 1st. Finally, ValuEngine upgraded 8×8 from a “sell” rating to a “hold” rating in a report on Tuesday, June 6th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $17.50.
About 8×8
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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