Teachers Retirement System of The State of Kentucky held its stake in shares of 8×8 Inc (NASDAQ:EGHT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,300 shares of the technology company’s stock at the end of the first quarter. Teachers Retirement System of The State of Kentucky’s holdings in 8×8 were worth $310,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Norges Bank acquired a new stake in shares of 8×8 during the fourth quarter worth $3,170,000. Highbridge Capital Management LLC acquired a new stake in shares of 8×8 during the fourth quarter worth $307,000. Juncture Wealth Strategies LLC increased its stake in shares of 8×8 by 7.8% in the first quarter. Juncture Wealth Strategies LLC now owns 74,213 shares of the technology company’s stock worth $1,132,000 after buying an additional 5,374 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of 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 in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of 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 in the last quarter. 68.02% of the stock is currently owned by hedge funds and other institutional investors.

8×8 Inc (NASDAQ EGHT) traded down 0.805% during midday trading on Tuesday, hitting $12.945. The company had a trading volume of 80,613 shares. The firm’s 50 day moving average is $14.31 and its 200-day moving average is $14.55. 8×8 Inc has a 52 week low of $10.30 and a 52 week high of $16.80. The firm’s market capitalization is $1.19 billion.

8×8 (NASDAQ:EGHT) last released its earnings results on Thursday, July 27th. The technology company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.01. The firm had revenue of $69.10 million during the quarter, compared to the consensus estimate of $68.65 million. 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The firm’s revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.04 EPS. On average, equities research analysts expect that 8×8 Inc will post $0.07 EPS for the current fiscal year.

8×8 declared that its board has approved a share buyback plan on Thursday, May 25th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 28% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

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EGHT has been the topic of a number of research analyst reports. Morgan Stanley initiated coverage on 8×8 in a report on Tuesday, April 11th. They issued an “equal weight” rating and a $17.00 target price on the stock. William Blair downgraded 8×8 from an “outperform” rating to a “market perform” rating in a report on Monday, May 1st. Zacks Investment Research downgraded 8×8 from a “hold” rating to a “sell” rating in a report on Thursday, May 4th. B. Riley reaffirmed a “neutral” rating and issued a $14.00 target price on shares of 8×8 in a report on Tuesday, May 23rd. Finally, Dougherty & Co reduced their target price on 8×8 from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, May 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. 8×8 has an average rating of “Hold” and a consensus target price of $17.30.

In other news, CEO Vikram Verma bought 11,700 shares of 8×8 stock in a transaction that occurred on Tuesday, August 1st. The shares were acquired at an average price of $12.80 per share, with a total value of $149,760.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mary Ellen P. Genovese bought 11,625 shares of 8×8 stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average cost of $12.78 per share, for a total transaction of $148,567.50. Following the purchase, the chief financial officer now owns 92,106 shares of the company’s stock, valued at $1,177,114.68. The disclosure for this purchase can be found here. 4.40% of the stock is owned by corporate insiders.

About 8×8

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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Institutional Ownership by Quarter for 8x8 (NASDAQ:EGHT)

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