Pallas Capital Advisors LLC Takes Position in 8×8, Inc. (NASDAQ:EGHT)

Pallas Capital Advisors LLC purchased a new position in shares of 8×8, Inc. (NASDAQ:EGHT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,738 shares of the company’s stock, valued at approximately $29,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of 8X8 during the third quarter worth approximately $30,000. Virtu Financial LLC acquired a new stake in 8X8 during the third quarter worth approximately $36,000. Sei Investments Co. acquired a new position in 8X8 in the 2nd quarter valued at $44,000. XTX Topco Ltd bought a new stake in shares of 8X8 during the 2nd quarter valued at $49,000. Finally, Intech Investment Management LLC acquired a new stake in shares of 8X8 during the 3rd quarter worth $49,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Barclays increased their price objective on shares of 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Morgan Stanley upped their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Rosenblatt Securities decreased their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Finally, Wells Fargo & Company upped their price objective on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Three investment 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 MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.87.

8X8 Trading Up 7.9 %

Shares of EGHT stock opened at $2.72 on Thursday. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.76. The stock’s fifty day simple moving average is $2.86 and its 200 day simple moving average is $2.41. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a market capitalization of $355.40 million, a P/E ratio of -4.95, a P/E/G ratio of 22.55 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 EPS. As a group, sell-side analysts predict that 8×8, Inc. will post 0.01 EPS for the current fiscal year.

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.