8×8 Inc (EGHT) Shares Sold by UBS Asset Management Americas Inc.
UBS Asset Management Americas Inc. trimmed its holdings in 8×8 Inc (NASDAQ:EGHT) by 7.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,131,548 shares of the technology company’s stock after selling 89,979 shares during the quarter. UBS Asset Management Americas Inc. owned about 1.23% of 8×8 worth $16,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Ameritas Investment Partners Inc. bought a new stake in shares of 8×8 during the 1st quarter valued at about $116,000. Riverhead Capital Management LLC grew its stake in 8×8 by 85.4% during the second quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock worth $132,000 after purchasing an additional 4,184 shares during the period. Amalgamated Bank grew its stake in 8×8 by 5.0% during the second 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. Fox Run Management L.L.C. acquired a new stake in 8×8 during the second quarter worth approximately $182,000. Finally, OppenheimerFunds Inc. acquired a new stake in 8×8 during the first quarter worth approximately $219,000. 69.48% of the stock is currently owned by institutional investors.
In other 8×8 news, CEO Vikram Verma purchased 11,700 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was bought at an average cost of $12.80 per share, for a total transaction of $149,760.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mary Ellen P. Genovese purchased 11,625 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was acquired at an average price of $12.78 per share, with a total value of $148,567.50. Following the completion of the purchase, 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. Company insiders own 4.40% of the company’s stock.
Shares of 8×8 Inc (EGHT) opened at 14.00 on Tuesday. The stock’s 50 day moving average price is $13.51 and its 200 day moving average price is $13.98. 8×8 Inc has a 12-month low of $10.30 and a 12-month high of $16.80. The company’s market cap is $1.29 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 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 quarter in the prior year, the firm earned $0.04 EPS. 8×8’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, analysts forecast that 8×8 Inc will post $0.07 EPS for the current year.
A number of equities research analysts have weighed in on EGHT shares. ValuEngine upgraded 8×8 from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research upgraded 8×8 from a “sell” rating to a “hold” rating in a report on Monday, August 14th. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. William Blair reaffirmed a “hold” rating on shares of 8×8 in a research report on Sunday, July 30th. Finally, B. Riley reaffirmed a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a research report on Saturday, July 29th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $17.30.
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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