BNP Paribas Arbitrage SA raised its stake in 8×8 Inc (NASDAQ:EGHT) by 69.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,130 shares of the technology company’s stock after purchasing an additional 18,941 shares during the quarter. BNP Paribas Arbitrage SA owned about 0.05% of 8X8 worth $623,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Stoneridge Investment Partners LLC purchased a new position in shares of 8X8 in the 3rd quarter valued at $233,000. Kornitzer Capital Management Inc. KS raised its stake in shares of 8X8 by 273.4% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 575,065 shares of the technology company’s stock valued at $7,763,000 after acquiring an additional 421,065 shares during the period. Crossmark Global Holdings Inc. purchased a new position in shares of 8X8 in the 3rd quarter valued at $296,000. Strs Ohio raised its stake in shares of 8X8 by 7.5% in the 3rd quarter. Strs Ohio now owns 67,700 shares of the technology company’s stock valued at $913,000 after acquiring an additional 4,700 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of 8X8 by 8.0% in the 3rd quarter. Fisher Asset Management LLC now owns 267,912 shares of the technology company’s stock valued at $3,617,000 after acquiring an additional 19,765 shares during the period. Institutional investors own 71.56% of the company’s stock.
EGHT has been the topic of a number of research reports. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. ValuEngine raised shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. B. Riley reaffirmed a “hold” rating and set a $14.00 price target on shares of 8X8 in a research note on Tuesday, October 24th. Summit Redstone downgraded shares of 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $17.00 price target on shares of 8X8 in a research note on Friday, November 17th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $17.30.
Shares of 8×8 Inc (NASDAQ EGHT) opened at $14.00 on Thursday. 8×8 Inc has a one year low of $10.30 and a one year high of $16.80.
8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm had revenue of $72.48 million for the quarter, compared to the consensus estimate of $71.65 million. During the same quarter in the previous year, the firm posted $0.06 EPS. The firm’s quarterly revenue was up 14.7% on a year-over-year basis. sell-side analysts anticipate that 8×8 Inc will post -0.12 earnings per share for the current year.
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8X8 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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