Voya Investment Management LLC Increases Position in 8×8, Inc. (EGHT)
Voya Investment Management LLC boosted its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 17.5% in the second quarter, Holdings Channel reports. The institutional investor owned 1,175,909 shares of the technology company’s stock after acquiring an additional 175,121 shares during the period. Voya Investment Management LLC’s holdings in 8X8 were worth $23,576,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Epoch Investment Partners Inc. bought a new position in 8X8 during the second quarter valued at approximately $5,893,000. Laurion Capital Management LP bought a new position in 8X8 during the second quarter valued at approximately $215,000. OppenheimerFunds Inc. bought a new position in 8X8 during the second quarter valued at approximately $201,000. FMR LLC boosted its stake in 8X8 by 58.9% during the second quarter. FMR LLC now owns 1,116,031 shares of the technology company’s stock valued at $22,376,000 after buying an additional 413,806 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in 8X8 by 3.7% during the second quarter. Legal & General Group Plc now owns 199,091 shares of the technology company’s stock valued at $3,970,000 after buying an additional 7,019 shares during the last quarter. 71.56% of the stock is owned by institutional investors.
A number of equities analysts recently commented on EGHT shares. BidaskClub lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Stifel Nicolaus started coverage on 8X8 in a research note on Wednesday, July 11th. They set a “buy” rating and a $25.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of 8X8 in a research note on Friday, July 27th. Zacks Investment Research raised 8X8 from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Finally, Bank of America reissued a “neutral” rating on shares of 8X8 in a research note on Saturday, June 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. 8X8 has a consensus rating of “Buy” and an average target price of $23.57.
NASDAQ:EGHT opened at $22.75 on Friday. 8×8, Inc. has a 1 year low of $12.00 and a 1 year high of $23.50.
8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, July 26th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The business had revenue of $83.20 million during the quarter, compared to analyst estimates of $81.02 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period last year, the company earned $0.02 EPS. equities analysts anticipate that 8×8, Inc. will post -0.12 EPS for the current fiscal year.
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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