Lord Abbett & CO. LLC boosted its stake in 8×8, Inc. (NASDAQ:EGHT) by 32.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 441,805 shares of the technology company’s stock after acquiring an additional 108,032 shares during the period. Lord Abbett & CO. LLC owned 0.48% of 8X8 worth $8,240,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in EGHT. BlackRock Inc. increased its stake in shares of 8X8 by 1.9% in the first quarter. BlackRock Inc. now owns 11,470,212 shares of the technology company’s stock worth $213,920,000 after purchasing an additional 214,628 shares in the last quarter. Hunt Lane Capital LP increased its stake in shares of 8X8 by 17.7% in the fourth quarter. Hunt Lane Capital LP now owns 3,860,000 shares of the technology company’s stock worth $54,426,000 after purchasing an additional 580,000 shares in the last quarter. Southpoint Capital Advisors LP increased its stake in shares of 8X8 by 42.9% in the fourth quarter. Southpoint Capital Advisors LP now owns 2,000,000 shares of the technology company’s stock worth $28,200,000 after purchasing an additional 600,000 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of 8X8 in the first quarter worth about $32,869,000. Finally, Kornitzer Capital Management Inc. KS increased its stake in shares of 8X8 by 10.0% in the first quarter. Kornitzer Capital Management Inc. KS now owns 1,609,195 shares of the technology company’s stock worth $30,011,000 after purchasing an additional 146,745 shares in the last quarter. 71.56% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on EGHT. Bank of America reiterated a “neutral” rating on shares of 8X8 in a research note on Saturday, June 2nd. Zacks Investment Research downgraded shares of 8X8 from a “hold” rating to a “strong sell” rating in a research note on Friday, June 1st. William Blair reaffirmed a “hold” rating on shares of 8X8 in a research note on Wednesday, May 16th. Morgan Stanley set a $24.00 price objective on shares of 8X8 and gave the company a “buy” rating in a research note on Friday, April 27th. Finally, BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, April 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $20.00.
8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Thursday, May 24th. The technology company reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company had revenue of $79.30 million during the quarter, compared to analysts’ expectations of $76.97 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The business’s revenue for the quarter was up 19.2% compared to the same quarter last year. sell-side analysts expect that 8×8, Inc. will post -0.12 earnings per share for the current fiscal year.
In related news, CEO Vikram Verma purchased 7,700 shares of the business’s stock in a transaction dated Wednesday, May 30th. The stock was bought at an average cost of $18.21 per share, with a total value of $140,217.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.40% of the company’s stock.
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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