Menta Capital LLC Acquires Shares of 31,252 8×8 Inc (EGHT)
Menta Capital LLC acquired a new stake in 8×8 Inc (NASDAQ:EGHT) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 31,252 shares of the technology company’s stock, valued at approximately $455,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Swiss National Bank increased its position in shares of 8×8 by 2.8% in the first quarter. Swiss National Bank now owns 149,200 shares of the technology company’s stock valued at $2,275,000 after acquiring an additional 4,100 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its holdings in 8×8 by 4.9% during the second quarter. Municipal Employees Retirement System of Michigan now owns 21,650 shares of the technology company’s stock worth $315,000 after acquiring an additional 1,010 shares in the last quarter. Summit Partners Public Asset Management LLC bought a new stake in 8×8 during the first quarter worth about $3,508,000. OppenheimerFunds Inc. bought a new stake in 8×8 during the first quarter worth about $219,000. Finally, Great West Life Assurance Co. Can raised its holdings in 8×8 by 6.9% during the first quarter. Great West Life Assurance Co. Can now owns 126,146 shares of the technology company’s stock worth $1,917,000 after acquiring an additional 8,143 shares in the last quarter. Institutional investors own 69.48% of the company’s stock.
In other news, CEO Vikram Verma purchased 11,700 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were acquired at an average cost of $12.80 per share, for a total transaction of $149,760.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mary Ellen P. Genovese purchased 11,625 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were purchased at an average price of $12.78 per share, for a total transaction of $148,567.50. Following the completion of the acquisition, the chief financial officer now owns 92,106 shares of the company’s stock, valued at approximately $1,177,114.68. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.
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EGHT has been the subject of several recent research reports. B. Riley reissued a “neutral” rating and set a $14.00 price target on shares of 8×8 in a research report on Monday, July 24th. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Zacks Investment Research raised 8×8 from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. William Blair reaffirmed a “hold” rating on shares of 8×8 in a research report on Sunday, July 30th. Finally, ValuEngine upgraded 8×8 from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $17.30.
Shares of 8×8 Inc (NASDAQ EGHT) opened at 13.50 on Monday. The company’s market cap is $1.24 billion. 8×8 Inc has a 1-year low of $10.30 and a 1-year high of $16.80. The firm has a 50-day moving average price of $13.44 and a 200 day moving average price of $14.06.
8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The firm had revenue of $69.10 million for the quarter, compared to analysts’ expectations of $68.65 million. During the same period in the prior year, the firm earned $0.04 earnings per share. 8×8’s revenue was up 15.1% compared to the same quarter last year. On average, analysts predict that 8×8 Inc will post $0.07 EPS for the current fiscal year.
8×8 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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