B. Riley Financial Inc. Buys Shares of 978,996 8x8, Inc. (NASDAQ:EGHT)

B. Riley Financial Inc. bought a new stake in 8x8, Inc. (NASDAQ:EGHT - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 978,996 shares of the company's stock, valued at approximately $1,997,000. 8X8 accounts for 1.3% of B. Riley Financial Inc.'s investment portfolio, making the stock its 6th largest holding. B. Riley Financial Inc. owned about 0.75% of 8X8 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new stake in 8X8 during the 3rd quarter worth about $30,000. Sei Investments Co. purchased a new stake in 8X8 during the 2nd quarter valued at $44,000. XTX Topco Ltd acquired a new position in shares of 8X8 in the second quarter valued at about $49,000. Intech Investment Management LLC acquired a new stake in shares of 8X8 during the 3rd quarter worth about $49,000. Finally, Dynamic Advisor Solutions LLC increased its holdings in shares of 8X8 by 83.1% in the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company's stock valued at $77,000 after purchasing an additional 15,665 shares during the period. Institutional investors and hedge funds own 93.99% of the company's stock.

8X8 Price Performance

8X8 stock traded down $0.04 during midday trading on Friday, reaching $3.10. The stock had a trading volume of 361,317 shares, compared to its average volume of 1,294,819. The firm's fifty day simple moving average is $2.37 and its 200-day simple moving average is $2.33. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. 8x8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.92.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on EGHT shares. StockNews.com upgraded 8X8 from a "hold" rating to a "buy" rating in a report on Monday, November 4th. Wells Fargo & Company boosted their target price on 8X8 from $1.50 to $2.00 and gave the stock an "underweight" rating in a research note on Tuesday, November 5th. Needham & Company LLC decreased their price target on shares of 8X8 from $3.50 to $3.00 and set a "buy" rating for the company in a research report on Friday, August 9th. B. Riley restated a "buy" rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Finally, Rosenblatt Securities decreased their target price on 8X8 from $4.00 to $3.50 and set a "buy" rating for the company in a research report on Monday, October 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, 8X8 has an average rating of "Hold" and an average target price of $2.82.

8X8 Company Profile

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.