8×8, Inc. (EGHT) Holdings Cut by Profund Advisors LLC

Profund Advisors LLC cut its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 16.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,029 shares of the technology company’s stock after selling 19,057 shares during the period. Profund Advisors LLC owned approximately 0.11% of 8X8 worth $1,866,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Comerica Bank grew its position in 8X8 by 2.8% in the 1st quarter. Comerica Bank now owns 96,795 shares of the technology company’s stock worth $1,955,000 after purchasing an additional 2,610 shares in the last quarter. Swiss National Bank grew its position in 8X8 by 1.9% in the 1st quarter. Swiss National Bank now owns 159,400 shares of the technology company’s stock worth $2,973,000 after purchasing an additional 3,000 shares in the last quarter. Prudential Financial Inc. grew its position in 8X8 by 2.5% in the 1st quarter. Prudential Financial Inc. now owns 154,978 shares of the technology company’s stock worth $2,890,000 after purchasing an additional 3,780 shares in the last quarter. Thrivent Financial for Lutherans grew its position in 8X8 by 8.6% in the 1st quarter. Thrivent Financial for Lutherans now owns 61,995 shares of the technology company’s stock worth $1,156,000 after purchasing an additional 4,909 shares in the last quarter. Finally, Sei Investments Co. grew its position in 8X8 by 85.9% in the 1st quarter. Sei Investments Co. now owns 13,003 shares of the technology company’s stock worth $243,000 after purchasing an additional 6,010 shares in the last quarter. 71.56% of the stock is owned by institutional investors.

EGHT has been the subject of a number of recent analyst reports. BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective (up from $19.00) on shares of 8X8 in a research report on Friday, March 16th. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Tuesday, March 27th. Oppenheimer started coverage on shares of 8X8 in a research note on Thursday, April 19th. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, CIBC started coverage on shares of 8X8 in a research note on Thursday, April 19th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $20.00.



8X8 traded up $0.15, reaching $19.90, during midday trading on Friday, according to MarketBeat Ratings. The company had a trading volume of 10,291 shares, compared to its average volume of 913,881. 8×8, Inc. has a 12-month low of $10.30 and a 12-month high of $23.05.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, May 24th. The technology company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. The company had revenue of $79.30 million for the quarter, compared to analysts’ expectations of $76.97 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. 8X8’s revenue was up 19.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.05 EPS. research analysts anticipate that 8×8, Inc. will post -0.12 earnings per share for the current fiscal year.

In other 8X8 news, CEO Vikram Verma purchased 7,700 shares of the company’s stock in a transaction that occurred on Wednesday, May 30th. The shares were bought at an average cost of $18.21 per share, for a total transaction of $140,217.00. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.40% of the company’s stock.

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.

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

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