8×8 Inc (EGHT) Shares Bought by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. increased its stake in 8×8 Inc (NASDAQ:EGHT) by 0.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 376,596 shares of the technology company’s stock after buying an additional 3,209 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.41% of 8×8 worth $5,480,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Ameritas Investment Partners Inc. purchased a new position in shares of 8×8 in the 1st quarter worth about $116,000. Fox Run Management L.L.C. purchased a new position in shares of 8×8 in the 2nd quarter worth about $182,000. OppenheimerFunds Inc. purchased a new position in shares of 8×8 in the 1st quarter worth about $219,000. State of Alaska Department of Revenue boosted its holdings in shares of 8×8 by 79.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 18,015 shares of the technology company’s stock worth $262,000 after buying an additional 7,975 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its holdings in shares of 8×8 by 4.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 21,650 shares of the technology company’s stock worth $315,000 after buying an additional 1,010 shares during the last quarter. 69.48% of the stock is currently owned by institutional investors.
EGHT has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of 8×8 from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Tuesday, July 18th. BidaskClub raised shares of 8×8 from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. William Blair reissued a “hold” rating on shares of 8×8 in a report on Sunday, July 30th. Northland Securities set a $18.00 price objective on shares of 8×8 and gave the company a “buy” rating in a report on Friday, July 28th. Finally, Craig Hallum downgraded shares of 8×8 from a “buy” rating to a “hold” rating and dropped their price objective for the company from $19.00 to $15.00 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 issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $17.30.
In related news, CEO Vikram Verma acquired 11,700 shares of the stock in a transaction dated Tuesday, August 1st. The shares were purchased at an average cost of $12.80 per share, with a total value of $149,760.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mary Ellen P. Genovese acquired 11,625 shares of the stock in a transaction dated Tuesday, August 1st. The shares were bought at an average cost of $12.78 per share, for a total transaction of $148,567.50. Following the completion of the transaction, the chief financial officer now owns 92,106 shares in the company, valued at $1,177,114.68. The disclosure for this purchase can be found here. 4.40% of the stock is owned by insiders.
Shares of 8×8 Inc (NASDAQ:EGHT) opened at 13.60 on Friday. The firm’s 50-day moving average is $13.66 and its 200 day moving average is $13.95. The stock’s market capitalization is $1.25 billion. 8×8 Inc has a 12-month low of $10.30 and a 12-month high of $16.80.
8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 analysts’ expectations of $68.65 million. During the same period in the previous year, the firm earned $0.04 earnings per share. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. On average, equities research analysts forecast that 8×8 Inc will post $0.07 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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