BlackRock Inc. Grows Position in 8×8, Inc. (EGHT)

BlackRock Inc. lifted its position in 8×8, Inc. (NASDAQ:EGHT) by 2.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,871,736 shares of the technology company’s stock after acquiring an additional 346,326 shares during the period. BlackRock Inc. owned 14.50% of 8X8 worth $250,249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EGHT. Vanguard Group Inc. boosted its holdings in 8X8 by 35.6% in the third quarter. Vanguard Group Inc. now owns 7,425,058 shares of the technology company’s stock valued at $157,783,000 after purchasing an additional 1,950,763 shares during the last quarter. Vanguard Group Inc boosted its holdings in 8X8 by 35.6% in the third quarter. Vanguard Group Inc now owns 7,425,058 shares of the technology company’s stock valued at $157,783,000 after purchasing an additional 1,950,763 shares during the last quarter. FMR LLC boosted its holdings in 8X8 by 127.1% in the third quarter. FMR LLC now owns 2,534,871 shares of the technology company’s stock valued at $53,865,000 after purchasing an additional 1,418,840 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 8X8 by 3.8% in the third quarter. Bank of New York Mellon Corp now owns 1,095,751 shares of the technology company’s stock valued at $23,286,000 after purchasing an additional 40,321 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in 8X8 in the fourth quarter valued at $19,179,000. 71.56% of the stock is currently owned by hedge funds and other institutional investors.

EGHT stock opened at $20.19 on Friday. 8×8, Inc. has a 52-week low of $15.13 and a 52-week high of $23.50.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, January 29th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $89.91 million for the quarter, compared to analysts’ expectations of $88.57 million.

Several research firms have commented on EGHT. Stephens began coverage on shares of 8X8 in a report on Thursday, January 3rd. They issued an “overweight” rating on the stock. BidaskClub raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Thursday. Rosenblatt Securities began coverage on shares of 8X8 in a report on Thursday, December 20th. They issued a “buy” rating and a $24.00 price target on the stock. Guggenheim began coverage on shares of 8X8 in a report on Monday, March 11th. They issued a “neutral” rating and a $20.00 price target on the stock. Finally, Needham & Company LLC lowered their price target on shares of 8X8 from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, January 30th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. 8X8 has a consensus rating of “Buy” and a consensus price target of $22.72.

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About 8X8

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.

Further Reading: Certificate of Deposit (CD)

Institutional Ownership by Quarter for 8X8 (NASDAQ:EGHT)

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