Southpoint Capital Advisors LP Takes $7.28 Million Position in 8×8 Inc (EGHT)
Southpoint Capital Advisors LP purchased a new stake in 8×8 Inc (NASDAQ:EGHT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 500,000 shares of the technology company’s stock, valued at approximately $7,275,000. Southpoint Capital Advisors LP owned 0.54% of 8×8 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of EGHT. Bank of New York Mellon Corp increased its stake in shares of 8×8 by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 1,006,960 shares of the technology company’s stock valued at $15,357,000 after buying an additional 24,732 shares during the period. Comerica Bank increased its stake in shares of 8×8 by 4.8% in the first quarter. Comerica Bank now owns 100,711 shares of the technology company’s stock valued at $1,430,000 after buying an additional 4,568 shares during the period. Swiss National Bank increased its stake 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 buying an additional 4,100 shares during the period. Karp Capital Management Corp acquired a new stake in shares of 8×8 in the first quarter valued at about $404,000. Finally, Ameriprise Financial Inc. increased its stake in shares of 8×8 by 5.0% in the first quarter. Ameriprise Financial Inc. now owns 483,857 shares of the technology company’s stock valued at $7,379,000 after buying an additional 23,214 shares during the period. 69.48% of the stock is owned by institutional investors.
EGHT has been the subject of several recent research reports. Zacks Investment Research raised 8×8 from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Tuesday, July 18th. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Northland Securities set a $18.00 price target on 8×8 and gave the company a “buy” rating in a research note on Friday, July 28th. William Blair reissued a “hold” rating on shares of 8×8 in a research note on Sunday, July 30th. Finally, Craig Hallum cut 8×8 from a “buy” rating to a “hold” rating and decreased their price target for the company from $19.00 to $15.00 in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. 8×8 has an average rating of “Hold” and a consensus price target of $17.30.
8×8 Inc (NASDAQ EGHT) traded down 0.536% during midday trading on Friday, reaching $13.925. The company had a trading volume of 79,519 shares. The stock’s market capitalization is $1.28 billion. The company has a 50-day moving average price of $13.56 and a 200-day moving average price of $13.98. 8×8 Inc has a one year low of $10.30 and a one year high of $16.80.
8×8 (NASDAQ:EGHT) last posted its earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter last year, the company posted $0.04 EPS. The firm’s revenue was up 15.1% on a year-over-year basis. On average, equities analysts expect that 8×8 Inc will post $0.07 earnings per share for the current year.
In other news, CFO Mary Ellen P. Genovese bought 11,625 shares of 8×8 stock in a transaction 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 acquisition, the chief financial officer now owns 92,106 shares of the company’s stock, valued at $1,177,114.68. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Vikram Verma bought 11,700 shares of 8×8 stock in a transaction on Tuesday, August 1st. The shares were purchased at an average price 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 currently owned by corporate insiders.
TRADEMARK VIOLATION NOTICE: This piece of content was posted by Watch List News and is the property of of Watch List News. If you are viewing this piece of content on another website, it was illegally copied and republished in violation of international copyright legislation. The correct version of this piece of content can be accessed at https://www.watchlistnews.com/southpoint-capital-advisors-lp-takes-7-28-million-position-in-8x8-inc-eght/1613141.html.
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.
Want to see what other hedge funds are holding EGHT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 8×8 Inc (NASDAQ:EGHT).
Receive News & Ratings for 8x8 Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8x8 Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.