OppenheimerFunds Inc. Buys New Stake in 8×8 Inc (EGHT)

OppenheimerFunds Inc. bought a new position in shares of 8×8 Inc (NASDAQ:EGHT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 14,392 shares of the technology company’s stock, valued at approximately $219,000.

Several other hedge funds have also added to or reduced their stakes in EGHT. State of Alaska Department of Revenue raised its stake in 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. Metropolitan Life Insurance Co. NY raised its stake in 8×8 by 0.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 60,277 shares of the technology company’s stock worth $862,000 after buying an additional 431 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in 8×8 by 1.6% in the first quarter. Louisiana State Employees Retirement System now owns 37,000 shares of the technology company’s stock worth $564,000 after buying an additional 600 shares during the last quarter. Arizona State Retirement System raised its stake in 8×8 by 1.5% in the first quarter. Arizona State Retirement System now owns 47,335 shares of the technology company’s stock worth $722,000 after buying an additional 700 shares during the last quarter. Finally, Princeton Alpha Management LP raised its stake in 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. Institutional investors own 67.91% of the company’s stock.

Shares of 8×8 Inc (NASDAQ:EGHT) opened at 14.35 on Thursday. The company’s 50 day moving average price is $14.42 and its 200 day moving average price is $14.60. 8×8 Inc has a one year low of $12.60 and a one year high of $16.80. The stock’s market capitalization is $1.31 billion.

8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, May 25th. The technology company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.03 by $0.02. The business 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 firm’s revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 EPS. On average, analysts expect that 8×8 Inc will post $0.17 earnings per share for the current fiscal year.

8×8 announced that its Board of Directors has approved a stock repurchase program on Thursday, May 25th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 28% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

A number of research firms have recently issued reports on EGHT. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. B. Riley reiterated a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a report on Tuesday, May 23rd. Zacks Investment Research upgraded 8×8 from a “hold” rating to a “strong-buy” rating and set a $16.00 price objective for the company in a report on Tuesday. ValuEngine upgraded 8×8 from a “sell” rating to a “hold” rating in a report on Tuesday, June 6th. Finally, Dougherty & Co cut their price objective on 8×8 from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, May 23rd. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price 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.