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.

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

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