Comerica Bank cut its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,192 shares of the technology company’s stock after selling 7,941 shares during the quarter. Comerica Bank owned approximately 0.10% of 8X8 worth $1,653,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in EGHT. BlackRock Inc. increased its position in shares of 8X8 by 13.2% during the 2nd quarter. BlackRock Inc. now owns 12,987,725 shares of the technology company’s stock valued at $260,403,000 after purchasing an additional 1,517,513 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of 8X8 by 35.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,126,500 shares of the technology company’s stock valued at $62,686,000 after purchasing an additional 810,900 shares during the last quarter. First Trust Advisors LP increased its position in shares of 8X8 by 17.4% during the 2nd quarter. First Trust Advisors LP now owns 4,725,161 shares of the technology company’s stock valued at $94,739,000 after purchasing an additional 700,508 shares during the last quarter. Putnam Investments LLC purchased a new stake in shares of 8X8 during the 2nd quarter valued at $10,301,000. Finally, Wells Fargo & Company MN increased its position in shares of 8X8 by 770.2% during the 2nd quarter. Wells Fargo & Company MN now owns 552,953 shares of the technology company’s stock valued at $11,087,000 after purchasing an additional 489,411 shares during the last quarter. 71.56% of the stock is owned by hedge funds and other institutional investors.
Shares of EGHT opened at $19.71 on Monday. 8×8, Inc. has a fifty-two week low of $13.75 and a fifty-two week high of $23.50.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Monday, October 29th. The technology company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $85.70 million during the quarter, compared to analysts’ expectations of $84.26 million. During the same period last year, the business posted $0.03 EPS. The company’s revenue was up 18.2% compared to the same quarter last year.
Several equities research analysts have recently issued reports on the company. Summit Insights reaffirmed a “hold” rating on shares of 8X8 in a research report on Tuesday, October 30th. BidaskClub lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. William Blair assumed coverage on 8X8 in a research report on Wednesday, October 10th. They set an “outperform” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 target price (down from $25.00) on shares of 8X8 in a research report on Tuesday, October 30th. Finally, Zacks Investment Research lowered 8X8 from a “buy” rating to a “hold” rating in a research report on Friday, November 2nd. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $23.00.
In related news, CEO Vikram Verma bought 5,730 shares of 8X8 stock in a transaction on Thursday, November 1st. The stock was acquired at an average price of $17.09 per share, with a total value of $97,925.70. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ian Potter sold 1,690 shares of 8X8 stock in a transaction dated Monday, October 22nd. The shares were sold at an average price of $18.35, for a total value of $31,011.50. Following the transaction, the director now directly owns 97,354 shares of the company’s stock, valued at approximately $1,786,445.90. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.
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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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