First Mercantile Trust Co. increased its position in 8×8 Inc. (NASDAQ:EGHT) by 28.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,200 shares of the company’s stock after buying an additional 9,812 shares during the period. First Mercantile Trust Co.’s holdings in 8×8 were worth $646,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Legal & General Group Plc increased its stake in shares of 8×8 by 5.7% in the first quarter. Legal & General Group Plc now owns 13,690 shares of the company’s stock worth $136,000 after buying an additional 741 shares during the last quarter. Bayesian Capital Management LP acquired a new position in 8×8 during the first quarter worth $150,000. PineBridge Investments L.P. boosted its position in 8×8 by 8.0% in the second quarter. PineBridge Investments L.P. now owns 11,334 shares of the company’s stock worth $166,000 after buying an additional 842 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in 8×8 during the second quarter worth $171,000. Finally, Teacher Retirement System of Texas boosted its position in 8×8 by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,426 shares of the company’s stock worth $182,000 after buying an additional 1,506 shares during the last quarter. Hedge funds and other institutional investors own 72.09% of the company’s stock.

Shares of 8×8 Inc. (NASDAQ:EGHT) opened at 15.20 on Thursday. The company has a 50 day moving average price of $13.72 and a 200 day moving average price of $12.71. The firm’s market cap is $1.36 billion. 8×8 Inc. has a 12-month low of $8.02 and a 12-month high of $15.53.

8×8 (NASDAQ:EGHT) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.03. 8×8 had a negative return on equity of 0.89% and a negative net margin of 2.34%. The firm earned $60 million during the quarter, compared to the consensus estimate of $57.97 million. On average, analysts forecast that 8×8 Inc. will post $0.20 earnings per share for the current fiscal year.

A number of research firms recently weighed in on EGHT. B. Riley reaffirmed a “neutral” rating and issued a $14.00 price target on shares of 8×8 in a report on Monday, July 25th. William Blair reaffirmed a “buy” rating on shares of 8×8 in a report on Saturday, June 18th. Zacks Investment Research raised 8×8 from a “sell” rating to a “hold” rating in a report on Friday, August 5th. Robert W. Baird began coverage on 8×8 in a report on Thursday, August 25th. They issued a “neutral” rating and a $15.00 price target for the company. Finally, Needham & Company LLC upped their price target on 8×8 from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, July 22nd. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $14.46.

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.

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