Stoneridge Investment Partners LLC Grows Stake in 8×8, Inc. (EGHT)
Stoneridge Investment Partners LLC raised its position in 8×8, Inc. (NASDAQ:EGHT) by 68.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 29,168 shares of the technology company’s stock after buying an additional 11,900 shares during the quarter. Stoneridge Investment Partners LLC’s holdings in 8X8 were worth $411,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Flinton Capital Management LLC raised its holdings in shares of 8X8 by 84.8% in the 2nd quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock worth $133,000 after purchasing an additional 4,182 shares during the period. SG Americas Securities LLC purchased a new position in shares of 8X8 in the 3rd quarter worth about $139,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of 8X8 in the 3rd quarter worth about $169,000. Amalgamated Bank raised its holdings in shares of 8X8 by 5.0% in the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock worth $179,000 after purchasing an additional 581 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of 8X8 by 158.9% in the 3rd quarter. Sei Investments Co. now owns 14,253 shares of the technology company’s stock worth $192,000 after purchasing an additional 8,747 shares during the period. Institutional investors own 71.56% of the company’s stock.
In other 8X8 news, insider Bryan R. Martin sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $17.86, for a total transaction of $1,786,000.00. Following the completion of the sale, the insider now owns 1,001,010 shares in the company, valued at approximately $17,878,038.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.40% of the stock is owned by company insiders.
8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Thursday, January 25th. The technology company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.06. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The firm had revenue of $75.58 million during the quarter, compared to analyst estimates of $73.90 million. During the same quarter last year, the firm earned $0.06 EPS. 8X8’s quarterly revenue was up 18.7% on a year-over-year basis. research analysts expect that 8×8, Inc. will post -0.12 earnings per share for the current fiscal year.
A number of equities analysts have recently commented on EGHT shares. Robert W. Baird restated a “buy” rating and issued a $21.00 price objective on shares of 8X8 in a report on Friday, January 26th. B. Riley restated a “hold” rating and issued a $14.00 price objective on shares of 8X8 in a report on Tuesday, October 24th. William Blair restated a “hold” rating on shares of 8X8 in a report on Friday, November 17th. Morgan Stanley upgraded 8X8 from an “equal weight” rating to an “overweight” rating and set a $19.00 target price for the company in a research note on Wednesday, January 17th. Finally, Zacks Investment Research lowered 8X8 from a “hold” rating to a “sell” rating in a research note on Tuesday, January 16th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $18.60.
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8X8 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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