8×8 Inc (EGHT) Position Boosted by Fisher Asset Management LLC

Fisher Asset Management LLC increased its position in shares of 8×8 Inc (NASDAQ:EGHT) by 31.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 248,147 shares of the technology company’s stock after buying an additional 59,521 shares during the period. Fisher Asset Management LLC owned 0.27% of 8×8 worth $3,611,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. Ameritas Investment Partners Inc. bought a new stake in shares of 8×8 during the first quarter worth about $116,000. State of Alaska Department of Revenue increased its stake in shares of 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock worth $153,000 after buying an additional 210 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of 8×8 during the second quarter worth about $182,000. OppenheimerFunds Inc. bought a new stake in shares of 8×8 during the first quarter worth about $219,000. Finally, Princeton Alpha Management LP increased its stake in shares of 8×8 by 10.5% in the first quarter. Princeton Alpha Management LP now owns 15,165 shares of the technology company’s stock worth $231,000 after buying an additional 1,436 shares during the last quarter. 68.01% of the stock is currently owned by hedge funds and other institutional investors.

8×8 Inc (NASDAQ EGHT) opened at 13.65 on Friday. The stock’s market cap is $1.25 billion. The firm’s 50-day moving average is $14.43 and its 200 day moving average is $14.62. 8×8 Inc has a one year low of $12.60 and a one year high of $16.80.

8×8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, May 25th. The technology company reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. 8×8 had a positive return on equity of 2.26% and a negative net margin of 1.88%. The business had revenue of $66.49 million for the quarter, compared to analyst estimates of $65.54 million. During the same quarter in the prior year, the firm posted $0.03 EPS. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, analysts anticipate that 8×8 Inc will post $0.17 EPS for the current fiscal year.

8×8 declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 25th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 28% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

A number of equities analysts recently issued reports on EGHT shares. B. Riley reissued a “neutral” rating and issued a $14.00 price objective on shares of 8×8 in a report on Wednesday. Zacks Investment Research downgraded shares of 8×8 from a “buy” rating to a “hold” rating in a report on Wednesday. Dougherty & Co dropped their price objective on shares of 8×8 from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, May 23rd. ValuEngine raised shares of 8×8 from a “sell” rating to a “hold” rating in a report on Tuesday, June 6th. Finally, BidaskClub raised shares of 8×8 from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. 8×8 currently has a consensus rating of “Buy” and an average price target of $17.50.

8×8 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.