UBS Asset Management Americas Inc. Sells 29,398 Shares of 8×8, Inc. (EGHT)
UBS Asset Management Americas Inc. reduced its position in 8×8, Inc. (NASDAQ:EGHT) by 2.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,074,284 shares of the technology company’s stock after selling 29,398 shares during the period. UBS Asset Management Americas Inc.’s holdings in 8X8 were worth $15,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in 8X8 by 3.0% in the fourth quarter. BlackRock Inc. now owns 11,255,584 shares of the technology company’s stock worth $158,705,000 after buying an additional 332,590 shares during the last quarter. Bank of New York Mellon Corp increased its position in 8X8 by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,049,302 shares of the technology company’s stock worth $14,794,000 after buying an additional 19,586 shares during the last quarter. Rhumbline Advisers increased its position in 8X8 by 17.2% in the fourth quarter. Rhumbline Advisers now owns 206,638 shares of the technology company’s stock worth $2,914,000 after buying an additional 30,333 shares during the last quarter. Shell Asset Management Co. purchased a new stake in 8X8 in the fourth quarter worth $5,044,000. Finally, Arizona State Retirement System increased its position in 8X8 by 224.4% in the fourth quarter. Arizona State Retirement System now owns 154,548 shares of the technology company’s stock worth $2,179,000 after buying an additional 106,913 shares during the last quarter. 71.56% of the stock is owned by institutional investors and hedge funds.
A number of analysts have issued reports on EGHT shares. Robert W. Baird reissued a “buy” rating and issued a $17.00 target price on shares of 8X8 in a research report on Friday, November 17th. William Blair reissued a “hold” rating on shares of 8X8 in a research report on Friday, November 17th. Zacks Investment Research downgraded 8X8 from a “hold” rating to a “sell” rating in a research report on Tuesday, January 16th. Morgan Stanley raised 8X8 from an “equal weight” rating to an “overweight” rating and set a $19.00 target price for the company in a research report on Wednesday, January 17th. Finally, B. Riley reissued a “hold” rating and issued a $14.00 target price on shares of 8X8 in a research report on Tuesday, January 23rd. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $18.60.
8×8, Inc. (NASDAQ:EGHT) opened at $19.10 on Monday. The firm has a market capitalization of $1,690.00, a price-to-earnings ratio of -24.49 and a beta of 0.71. 8×8, Inc. has a 52-week low of $10.30 and a 52-week high of $19.15.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, January 25th. The technology company reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.06. The company had revenue of $75.58 million during the quarter, compared to analysts’ expectations of $73.90 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.06 earnings per share. analysts expect that 8×8, Inc. will post -0.12 EPS for the current fiscal year.
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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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