Renaissance Technologies LLC grew its stake in shares of 8×8 Inc (NASDAQ:EGHT) by 21.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,206,430 shares of the technology company’s stock after buying an additional 388,000 shares during the quarter. Renaissance Technologies LLC owned approximately 2.41% of 8×8 worth $32,104,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Pinebridge Investments L.P. grew its stake in shares of 8×8 by 1.8% during the second quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock worth $176,000 after buying an additional 209 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of 8×8 by 1.7% during the second quarter. PNC Financial Services Group Inc. now owns 16,812 shares of the technology company’s stock worth $245,000 after buying an additional 276 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of 8×8 by 0.8% during the second quarter. Louisiana State Employees Retirement System now owns 37,300 shares of the technology company’s stock worth $543,000 after buying an additional 300 shares during the last quarter. Arizona State Retirement System grew its stake in shares of 8×8 by 0.8% during the second quarter. Arizona State Retirement System now owns 47,735 shares of the technology company’s stock worth $695,000 after buying an additional 400 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of 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 buying an additional 581 shares during the last quarter. 69.48% of the stock is currently owned by hedge funds and other institutional investors.

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EGHT has been the topic of a number of research reports. Zacks Investment Research raised shares of 8×8 from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Tuesday, July 18th. ValuEngine raised shares of 8×8 from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Northland Securities set a $18.00 price target on shares of 8×8 and gave the stock a “buy” rating in a report on Friday, July 28th. Craig Hallum lowered shares of 8×8 from a “buy” rating to a “hold” rating and cut their price target for the stock from $19.00 to $15.00 in a report on Friday, July 28th. Finally, William Blair reiterated a “hold” rating on shares of 8×8 in a report on Sunday, July 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. 8×8 currently has a consensus rating of “Hold” and a consensus price target of $17.30.

In other news, CFO Mary Ellen P. Genovese purchased 11,625 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were acquired at an average price of $12.78 per share, with a total value of $148,567.50. Following the acquisition, the chief financial officer now directly owns 92,106 shares in the company, valued at $1,177,114.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Vikram Verma purchased 11,700 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was purchased at an average cost of $12.80 per share, for a total transaction of $149,760.00. The disclosure for this purchase can be found here. 4.40% of the stock is owned by company insiders.

8×8 Inc (NASDAQ:EGHT) opened at 14.00 on Friday. 8×8 Inc has a one year low of $10.30 and a one year high of $16.80. The firm’s market cap is $1.29 billion. The stock’s 50 day moving average is $13.56 and its 200-day moving average is $13.98.

8×8 (NASDAQ:EGHT) last released its earnings results on Thursday, July 27th. The technology company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ 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 business had revenue of $69.10 million for the quarter, compared to the consensus estimate of $68.65 million. During the same period in the prior year, the business posted $0.04 EPS. 8×8’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities research analysts expect that 8×8 Inc will post $0.07 earnings per share for the current fiscal year.

8×8 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.

Institutional Ownership by Quarter for 8x8 (NASDAQ:EGHT)

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