BlueSky Wealth Advisors LLC Holds Stake in 8×8, Inc. (EGHT)
BlueSky Wealth Advisors LLC maintained its position in shares of 8×8, Inc. (NASDAQ:EGHT) during the first quarter, Holdings Channel reports. The firm owned 21,760 shares of the technology company’s stock at the end of the first quarter. BlueSky Wealth Advisors LLC’s holdings in 8×8 were worth $332,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Riverhead Capital Management LLC increased its position in shares of 8×8 by 32.8% in the third quarter. Riverhead Capital Management LLC now owns 6,500 shares of the technology company’s stock valued at $100,000 after buying an additional 1,605 shares during the last quarter. FNY Partners Fund LP bought a new position in 8×8 during the fourth quarter valued at $100,000. Sei Investments Co. boosted its position in 8×8 by 63.7% in the third quarter. Sei Investments Co. now owns 9,987 shares of the technology company’s stock valued at $154,000 after buying an additional 3,887 shares during the period. Teza Capital Management LLC bought a new position in 8×8 during the fourth quarter valued at $156,000. Finally, Ellington Management Group LLC bought a new position in 8×8 during the fourth quarter valued at $219,000. 70.83% of the stock is currently owned by institutional investors and hedge funds.
Shares of 8×8, Inc. (NASDAQ:EGHT) traded down 2.01% during mid-day trading on Tuesday, hitting $14.65. 395,174 shares of the company’s stock traded hands. The firm has a 50-day moving average of $14.91 and a 200 day moving average of $14.84. 8×8, Inc. has a 52 week low of $10.96 and a 52 week high of $16.80. The company’s market cap is $1.33 billion.
8×8 (NASDAQ:EGHT) last announced its earnings results on Wednesday, January 25th. The technology company reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. 8×8 had a negative net margin of 1.19% and a positive return on equity of 1.85%. The company had revenue of $63.68 million for the quarter, compared to analysts’ expectations of $63.51 million. During the same period last year, the firm earned $0.05 earnings per share. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. Equities research analysts predict that 8×8, Inc. will post $0.21 EPS for the current year.
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Several research firms recently weighed in on EGHT. Morgan Stanley began coverage on shares of 8×8 in a research report on Tuesday, April 11th. They issued an “equal weight” rating and a $17.00 price objective for the company. Zacks Investment Research cut shares of 8×8 from a “hold” rating to a “sell” rating in a research report on Thursday, March 30th. B. Riley restated a “neutral” rating and issued a $14.00 price objective on shares of 8×8 in a research report on Saturday, January 28th. Barclays PLC boosted their price objective on shares of 8×8 from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, January 26th. Finally, Needham & Company LLC boosted their price objective on shares of 8×8 from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, January 26th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $16.78.
In other news, Director Eric Salzman sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 9th. The shares were sold at an average price of $15.41, for a total transaction of $385,250.00. Following the transaction, the director now directly owns 73,096 shares of the company’s stock, valued at $1,126,409.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bryan R. Martin sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $15.61, for a total transaction of $1,561,000.00. Following the transaction, the insider now directly owns 972,819 shares in the company, valued at $15,185,704.59. The disclosure for this sale can be found here. 4.00% of the stock is currently owned by company insiders.
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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