Louisiana State Employees Retirement System raised its position in shares of 8×8 Inc. (NASDAQ:EGHT) by 1.0% during the second quarter, Holdings Channel reports. The fund owned 39,600 shares of the company’s stock after buying an additional 400 shares during the period. Louisiana State Employees Retirement System’s holdings in 8×8 were worth $579,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in EGHT. Pacad Investment Ltd. acquired a new stake in 8×8 during the first quarter worth about $239,000. BlackRock Group LTD raised its stake in 8×8 by 11.6% in the first quarter. BlackRock Group LTD now owns 88,878 shares of the company’s stock worth $894,000 after buying an additional 9,213 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in 8×8 by 0.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,288,275 shares of the company’s stock worth $23,020,000 after buying an additional 16,151 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in 8×8 by 138.6% in the first quarter. Goldman Sachs Group Inc. now owns 76,316 shares of the company’s stock worth $768,000 after buying an additional 44,331 shares during the last quarter. Finally, HBK Investments L P acquired a new stake in 8×8 during the first quarter worth about $1,259,000. Institutional investors own 72.03% of the company’s stock.
Shares of 8×8 Inc. (NASDAQ:EGHT) traded down 0.14% during midday trading on Monday, hitting $14.45. The stock had a trading volume of 249,680 shares. The firm’s market capitalization is $1.30 billion. 8×8 Inc. has a 1-year low of $8.97 and a 1-year high of $15.67. The company’s 50 day moving average price is $14.51 and its 200-day moving average price is $13.36.
8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $60 million for the quarter, compared to analysts’ expectations of $57.97 million. 8×8 had a negative net margin of 2.34% and a negative return on equity of 0.89%. Equities analysts predict that 8×8 Inc. will post $0.20 earnings per share for the current year.
EGHT has been the subject of a number of research analyst reports. Summit Redstone restated a “buy” rating and issued a $17.00 target price on shares of 8×8 in a report on Thursday, June 30th. B. Riley reiterated a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a report on Friday, July 15th. Dougherty & Co increased their price objective on 8×8 from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. Zacks Investment Research lowered 8×8 from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 19th. Finally, Needham & Company LLC increased their price objective on 8×8 from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, July 22nd. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $14.86.
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 MarketBeat.com's FREE daily email newsletter.