8x8, Inc. (NASDAQ:EGHT) Shares Acquired by Fmr LLC

FMR LLC grew its position in 8x8, Inc. (NASDAQ:EGHT - Free Report) by 24.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,600,112 shares of the company's stock after acquiring an additional 314,441 shares during the quarter. FMR LLC owned approximately 1.22% of 8X8 worth $3,264,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of 8X8 in the 3rd quarter valued at approximately $108,000. Charles Schwab Investment Management Inc. increased its holdings in shares of 8X8 by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company's stock valued at $2,731,000 after acquiring an additional 23,731 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of 8X8 in the 3rd quarter valued at approximately $49,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 8X8 by 0.6% in 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 during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of 8X8 by 138.2% in the 3rd quarter. Victory Capital Management Inc. now owns 76,273 shares of the company's stock valued at $156,000 after acquiring an additional 44,255 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

8X8 Stock Performance

EGHT stock traded down $0.50 during trading on Friday, reaching $2.63. 1,281,280 shares of the company's stock were exchanged, compared to its average volume of 1,169,467. 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. The company's fifty day moving average price is $2.59 and its 200-day moving average price is $2.35. The firm has a market cap of $342.99 million, a PE ratio of -4.77, a P/E/G ratio of 26.98 and a beta of 1.63.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wedbush upgraded 8X8 to a "hold" rating in a report on Thursday, October 17th. Rosenblatt Securities lowered their price objective on 8X8 from $4.00 to $3.50 and set a "buy" rating for the company in a research note on Monday, October 28th. Mizuho downgraded 8X8 from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $2.75 to $2.50 in a research note on Friday. B. Riley restated a "buy" rating and set a $4.00 price objective (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Finally, Barclays upped their price objective on 8X8 from $2.00 to $2.50 and gave the stock an "equal weight" rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $2.79.

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.