Geode Capital Management LLC Increases Stock Holdings in 8x8, Inc. (NASDAQ:EGHT)

Geode Capital Management LLC increased its holdings in 8x8, Inc. (NASDAQ:EGHT - Free Report) by 8.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,982,393 shares of the company's stock after acquiring an additional 237,181 shares during the period. Geode Capital Management LLC owned about 2.28% of 8X8 worth $6,085,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. lifted its stake in 8X8 by 0.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company's stock valued at $1,386,000 after acquiring an additional 4,145 shares in the last quarter. Creative Planning lifted its position in shares of 8X8 by 16.6% during the third quarter. Creative Planning now owns 38,245 shares of the company's stock valued at $78,000 after purchasing an additional 5,453 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in 8X8 by 8.2% during the third quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company's stock worth $302,000 after purchasing an additional 11,287 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in 8X8 in the 3rd quarter worth about $30,000. Finally, Sei Investments Co. purchased a new stake in 8X8 in the 2nd quarter valued at about $44,000. Institutional investors own 93.99% of the company's stock.

8X8 Stock Performance

NASDAQ EGHT traded up $0.13 during trading on Friday, hitting $2.79. 458,395 shares of the company's stock traded hands, compared to its average volume of 470,998. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market capitalization of $364.54 million, a price-to-earnings ratio of -5.07, a PEG ratio of 26.98 and a beta of 1.63. 8x8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.78. The business has a 50 day moving average of $2.81 and a 200-day moving average of $2.37.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The company had revenue of $181.00 million for the quarter, compared to analysts' expectations of $178.38 million. During the same period in the prior year, the company posted $0.02 EPS. 8X8's revenue was down 2.2% compared to the same quarter last year. As a group, equities research analysts anticipate that 8x8, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EGHT. B. Riley restated a "buy" rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Morgan Stanley boosted their price objective on 8X8 from $2.00 to $2.60 and gave the stock an "underweight" rating in a research report on Wednesday, December 18th. StockNews.com raised 8X8 from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Wedbush raised shares of 8X8 to a "hold" rating in a report on Thursday, October 17th. Finally, Rosenblatt Securities decreased their price objective on shares of 8X8 from $4.00 to $3.50 and set a "buy" rating for the company in a report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, 8X8 has a consensus rating of "Hold" and an average price target of $2.87.

About 8X8

8x8, 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 8x8 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; 8x8 Contact Center, a cloud-based contact center as-a-service solution; and 8x8 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.