8x8, Inc. (NASDAQ:EGHT) Shares Acquired by First Eagle Investment Management LLC

First Eagle Investment Management LLC lifted its stake in 8x8, Inc. (NASDAQ:EGHT - Free Report) by 105.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,125,123 shares of the company's stock after purchasing an additional 576,418 shares during the period. First Eagle Investment Management LLC owned about 0.90% of 8X8 worth $2,498,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in EGHT. Price T Rowe Associates Inc. MD grew its stake in 8X8 by 3.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company's stock worth $325,000 after acquiring an additional 4,255 shares in the last quarter. Victory Capital Management Inc. grew its stake in 8X8 by 36.9% in the fourth quarter. Victory Capital Management Inc. now owns 17,324 shares of the company's stock worth $65,000 after purchasing an additional 4,670 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in 8X8 by 18.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 53,796 shares of the company's stock worth $191,000 after purchasing an additional 8,282 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in 8X8 by 83.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company's stock worth $77,000 after purchasing an additional 15,665 shares during the period. Finally, Principal Financial Group Inc. raised its position in 8X8 by 12.7% during the 2nd quarter. Principal Financial Group Inc. now owns 186,604 shares of the company's stock valued at $414,000 after purchasing an additional 21,087 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on EGHT shares. Wells Fargo & Company decreased their price objective on 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a report on Friday, June 21st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $4.00 price target on shares of 8X8 in a research report on Thursday, August 22nd. Barclays cut their price objective on shares of 8X8 from $3.00 to $2.00 and set an "equal weight" rating on the stock in a report on Friday, August 9th. Morgan Stanley lowered 8X8 from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $3.00 to $2.00 in a report on Friday, June 14th. Finally, Needham & Company LLC cut their price target on 8X8 from $3.50 to $3.00 and set a "buy" rating on the stock in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $2.83.

8X8 Stock Performance

EGHT remained flat at $1.89 during trading on Friday. 2,343,098 shares of the company's stock traded hands, compared to its average volume of 1,267,911. The business's fifty day simple moving average is $2.22 and its 200 day simple moving average is $2.39. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. 8x8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.92. The stock has a market cap of $236.96 million, a P/E ratio of -3.44 and a beta of 1.55.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The business had revenue of $172.80 million for the quarter, compared to analysts' expectations of $178.90 million. During the same quarter in the prior year, the company posted ($0.04) EPS. The business's revenue for the quarter was down 5.7% on a year-over-year basis. On average, equities research analysts anticipate that 8x8, Inc. will post -0.08 EPS for the current year.

8X8 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.