Legal & General Group Plc Acquires 7,019 Shares of 8×8, Inc. (EGHT)
Legal & General Group Plc raised its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 3.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 199,091 shares of the technology company’s stock after purchasing an additional 7,019 shares during the quarter. Legal & General Group Plc’s holdings in 8X8 were worth $3,970,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in 8X8 during the second quarter valued at about $394,000. Wells Fargo & Company MN lifted its holdings in 8X8 by 770.2% during the second quarter. Wells Fargo & Company MN now owns 552,953 shares of the technology company’s stock valued at $11,087,000 after purchasing an additional 489,411 shares during the last quarter. GSA Capital Partners LLP lifted its holdings in 8X8 by 206.5% during the second quarter. GSA Capital Partners LLP now owns 84,863 shares of the technology company’s stock valued at $1,702,000 after purchasing an additional 57,175 shares during the last quarter. First Trust Advisors LP lifted its holdings in 8X8 by 17.4% during the second quarter. First Trust Advisors LP now owns 4,725,161 shares of the technology company’s stock valued at $94,739,000 after purchasing an additional 700,508 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in 8X8 by 4.6% during the second quarter. Rhumbline Advisers now owns 222,526 shares of the technology company’s stock valued at $4,462,000 after purchasing an additional 9,833 shares during the last quarter. 71.56% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have commented on EGHT shares. Zacks Investment Research downgraded shares of 8X8 from a “hold” rating to a “strong sell” rating in a report on Friday, June 1st. Bank of America reaffirmed a “neutral” rating on shares of 8X8 in a report on Saturday, June 2nd. Stifel Nicolaus started coverage on shares of 8X8 in a report on Wednesday, July 11th. They set a “buy” rating and a $25.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of 8X8 in a report on Friday, July 27th. Finally, B. Riley upped their price objective on shares of 8X8 from $16.00 to $22.00 and gave the company a “neutral” rating in a report on Monday, July 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $23.57.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, July 26th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.02 million. During the same period in the prior year, the firm posted $0.02 earnings per share. The company’s revenue for the quarter was up 20.4% on a year-over-year basis. research analysts expect that 8×8, Inc. will post -0.12 EPS for the current year.
In other news, SVP Darren J. Hakeman sold 8,000 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $23.25, for a total value of $186,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.40% of the company’s stock.
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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