Russell Investments Group Ltd. Purchases 32,543 Shares of 8×8 Inc (EGHT)
Russell Investments Group Ltd. boosted its stake in 8×8 Inc (NASDAQ:EGHT) by 5.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 650,605 shares of the technology company’s stock after buying an additional 32,543 shares during the period. Russell Investments Group Ltd.’s holdings in 8×8 were worth $9,467,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ameritas Investment Partners Inc. purchased a new position in 8×8 during the first quarter valued at $116,000. State of Alaska Department of Revenue boosted its position in 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 in the last quarter. Fox Run Management L.L.C. purchased a new position in 8×8 during the second quarter valued at $182,000. OppenheimerFunds Inc. purchased a new position in 8×8 during the first quarter valued at $219,000. Finally, Princeton Alpha Management LP boosted its position in 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 in the last quarter. 70.17% of the stock is owned by institutional investors.
Shares of 8×8 Inc (EGHT) traded down 0.372% on Wednesday, reaching $13.375. The company had a trading volume of 242,229 shares. The stock’s market cap is $1.23 billion. 8×8 Inc has a 12 month low of $10.30 and a 12 month high of $16.80. The stock has a 50-day moving average price of $13.84 and a 200-day moving average price of $14.36.
8×8 (NASDAQ:EGHT) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.01. 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The company had revenue of $69.10 million for the quarter, compared to analyst estimates of $68.65 million. During the same quarter last year, the firm posted $0.04 EPS. 8×8’s revenue for the quarter was up 15.1% on a year-over-year basis. Analysts predict that 8×8 Inc will post $0.07 earnings per share for the current fiscal year.
8×8 declared that its Board of Directors has authorized a share repurchase program on Thursday, May 25th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 28% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
WARNING: “Russell Investments Group Ltd. Purchases 32,543 Shares of 8×8 Inc (EGHT)” was originally reported by Daily Political and is the property of of Daily Political. If you are viewing this piece of content on another domain, it was copied illegally and republished in violation of U.S. & international copyright laws. The legal version of this piece of content can be accessed at https://www.dailypolitical.com/2017/08/16/russell-investments-group-ltd-purchases-32543-shares-of-8x8-inc-eght.html.
Several research firms have recently weighed in on EGHT. B. Riley reaffirmed a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a research report on Monday, July 24th. Zacks Investment Research raised 8×8 from a “sell” rating to a “hold” rating in a research report on Monday. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Craig Hallum cut 8×8 from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $19.00 to $15.00 in a research report on Friday, July 28th. Finally, Dougherty & Co reduced their price objective on 8×8 from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, May 23rd. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $17.30.
In other 8×8 news, CFO Mary Ellen P. Genovese bought 11,625 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were purchased at an average price of $12.78 per share, for a total transaction of $148,567.50. Following the purchase, the chief financial officer now directly owns 92,106 shares of the company’s stock, valued at $1,177,114.68. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vikram Verma bought 11,700 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average price of $12.80 per share, for a total transaction of $149,760.00. The disclosure for this purchase can be found here. 4.40% of the stock is owned by 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.
Want to see what other hedge funds are holding EGHT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 8×8 Inc (NASDAQ:EGHT).
Receive News & Ratings for 8x8 Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8x8 Inc and related companies with MarketBeat.com's FREE daily email newsletter.