State Street Corp Has $4.85 Million Stock Holdings in 8×8, Inc. (NASDAQ:EGHT)

State Street Corp lowered its stake in 8×8, Inc. (NASDAQ:EGHT) by 19.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,376,192 shares of the company’s stock after selling 583,136 shares during the quarter. State Street Corp’s holdings in 8X8 were worth $4,847,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of EGHT. B. Riley Financial Inc. bought a new position in 8X8 in the third quarter valued at approximately $1,997,000. BNP Paribas Financial Markets grew its stake in shares of 8X8 by 8.2% in the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after buying an additional 11,287 shares in the last quarter. FMR LLC increased its holdings in 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in 8X8 during the second quarter worth $77,000. Finally, First Eagle Investment Management LLC lifted its stake in 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after acquiring an additional 576,418 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Price Performance

Shares of NASDAQ EGHT opened at $2.70 on Monday. The firm has a market cap of $352.78 million, a P/E ratio of -4.91, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. The business’s 50 day moving average is $2.74 and its 200-day moving average is $2.36. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.92.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.02 EPS. Equities research analysts predict that 8×8, Inc. will post 0.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on EGHT shares. Morgan Stanley boosted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $2.75 to $2.50 in a research note on Friday, December 13th. B. Riley reaffirmed a “buy” rating and issued a $4.00 price objective (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Barclays boosted their target price on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, Rosenblatt Securities cut their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 8X8 presently has an average rating of “Hold” and a consensus target price of $2.87.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.