First Trust Advisors LP raised its stake in 8×8 Inc (NASDAQ:EGHT) by 28.5% during the second quarter, Holdings Channel reports. The fund owned 3,535,356 shares of the technology company’s stock after buying an additional 784,916 shares during the period. First Trust Advisors LP’s holdings in 8×8 were worth $51,439,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in shares of 8×8 during the first quarter valued at about $116,000. State of Alaska Department of Revenue boosted its position 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 valued at $153,000 after buying an additional 210 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of 8×8 during the second quarter valued at about $182,000. OppenheimerFunds Inc. acquired a new position in shares of 8×8 during the first quarter valued at about $219,000. Finally, Princeton Alpha Management LP boosted its position in shares of 8×8 by 10.5% in the first quarter. Princeton Alpha Management LP now owns 15,165 shares of the technology company’s stock valued at $231,000 after buying an additional 1,436 shares during the last quarter. Institutional investors own 68.02% of the company’s stock.

Shares of 8×8 Inc (NASDAQ EGHT) opened at 13.10 on Friday. The firm’s 50 day moving average is $13.94 and its 200 day moving average is $14.43. 8×8 Inc has a 52-week low of $10.30 and a 52-week high of $16.80. The stock’s market capitalization is $1.20 billion.

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

8×8 announced that its Board of Directors has authorized a share buyback plan on Thursday, May 25th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the technology company to buy up to 28% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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EGHT has been the topic of several recent research reports. Dougherty & Co dropped their target price on shares of 8×8 from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, May 23rd. Zacks Investment Research upgraded shares of 8×8 from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Tuesday, July 18th. BidaskClub upgraded shares of 8×8 from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Deutsche Bank AG increased their target price on shares of 8×8 from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Tuesday, May 30th. Finally, Northland Securities set a $18.00 target price on shares of 8×8 and gave the stock a “buy” rating in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $17.30.

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

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

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