Legal & General Group Plc Raises Stake in 8×8, Inc. (EGHT)
Legal & General Group Plc raised its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 5.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 188,747 shares of the technology company’s stock after acquiring an additional 9,978 shares during the quarter. Legal & General Group Plc owned approximately 0.21% of 8X8 worth $2,548,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American International Group Inc. boosted its holdings in shares of 8X8 by 5.7% in the 3rd quarter. American International Group Inc. now owns 70,361 shares of the technology company’s stock valued at $950,000 after buying an additional 3,804 shares during the last quarter. Stephens Investment Management Group LLC boosted its holdings in shares of 8X8 by 0.9% in the 3rd quarter. Stephens Investment Management Group LLC now owns 2,094,413 shares of the technology company’s stock valued at $28,275,000 after buying an additional 19,225 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of 8X8 in the 3rd quarter valued at approximately $169,000. Ameriprise Financial Inc. boosted its holdings in shares of 8X8 by 46.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 714,832 shares of the technology company’s stock valued at $9,650,000 after buying an additional 226,841 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of 8X8 in the 3rd quarter valued at approximately $139,000. 71.56% of the stock is owned by institutional investors.
Shares of 8×8, Inc. (EGHT) opened at $14.25 on Thursday. 8×8, Inc. has a twelve month low of $10.30 and a twelve month high of $16.80. The stock has a market capitalization of $1,340.00, a price-to-earnings ratio of -178.13 and a beta of 0.37.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The business had revenue of $72.48 million during the quarter, compared to the consensus estimate of $71.65 million. During the same quarter last year, the firm posted $0.06 EPS. The company’s quarterly revenue was up 14.7% on a year-over-year basis. equities research analysts predict that 8×8, Inc. will post -0.12 earnings per share for the current year.
Several equities research analysts have recently commented on the company. William Blair reissued a “hold” rating on shares of 8X8 in a report on Friday, November 17th. Zacks Investment Research raised 8X8 from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Summit Redstone downgraded 8X8 from a “buy” rating to a “hold” rating in a report on Friday, October 27th. B. Riley reissued a “hold” rating and issued a $14.00 price objective on shares of 8X8 in a report on Tuesday, October 24th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $17.00 price target on shares of 8X8 in a report on Friday, November 17th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. 8X8 currently has a consensus rating of “Buy” and an average price target of $17.30.
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8X8 Company Profile
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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