GSA Capital Partners LLP Invests $885,000 in 8×8 Inc $EGHT

GSA Capital Partners LLP acquired a new position in shares of 8×8 Inc (NASDAQ:EGHT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 517,823 shares of the company’s stock, valued at approximately $885,000. GSA Capital Partners LLP owned about 0.37% of 8X8 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Nano Cap New Millennium Growth Fund L P acquired a new position in 8X8 during the fourth quarter worth about $749,000. Abacus Wealth Partners LLC acquired a new stake in shares of 8X8 in the 4th quarter valued at approximately $45,000. Bailard Inc. bought a new stake in shares of 8X8 during the 4th quarter valued at approximately $181,000. M&T Bank Corp bought a new stake in shares of 8X8 during the 4th quarter valued at approximately $45,000. Finally, Williams & Novak LLC increased its position in 8X8 by 42.1% during the 4th quarter. Williams & Novak LLC now owns 58,010 shares of the company’s stock worth $114,000 after purchasing an additional 17,180 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on EGHT shares. Weiss Ratings raised shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research note on Thursday, June 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $3.00 target price on shares of 8X8 in a research note on Wednesday, August 5th. Finally, B. Riley Financial reiterated a “buy” rating and set a $3.25 price target (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.72.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.05 on Wednesday. The stock’s 50-day moving average is $1.92 and its 200-day moving average is $2.05. 8×8 Inc has a 1-year low of $1.57 and a 1-year high of $2.88. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.83. The stock has a market cap of $296.10 million, a P/E ratio of 51.26, a price-to-earnings-growth ratio of 1.43 and a beta of 1.83.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. The business had revenue of $190.17 million during the quarter, compared to analyst estimates of $182.47 million. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. Equities research analysts anticipate that 8×8 Inc will post 0.2 earnings per share for the current year.

Insider Buying and Selling at 8X8

In related news, Director Elizabeth Harriet Theophille sold 20,207 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $1.81, for a total value of $36,574.67. Following the sale, the director owned 167,086 shares of the company’s stock, valued at $302,425.66. The trade was a 10.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kevin Kraus sold 34,329 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $2.32, for a total value of $79,643.28. Following the transaction, the chief financial officer directly owned 958,324 shares of the company’s stock, valued at approximately $2,223,311.68. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.13% of the stock is currently owned by company insiders.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.