12,060,736 Shares in 8x8 Inc $EGHT Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 12.06 million shares of 8x8 in the second quarter, worth approximately $20.6 million and representing an 8.51% stake. Overall, institutional investors own 93.99% of the company.
• 8x8 exceeded quarterly expectations, reporting earnings per share of $0.09 versus a $0.04 consensus estimate and revenue of $190.17 million versus $182.47 million expected.
• Analyst sentiment remains mixed: two analysts rate the stock “Buy,” one “Hold” and one “Sell,” producing a consensus “Hold” rating and an average price target of $3.12, compared with a recent share price of $1.84.

BlackRock Inc. purchased a new position in 8x8 Inc (NASDAQ:EGHT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,060,736 shares of the company's stock, valued at approximately $20,624,000. BlackRock Inc. owned 8.51% of 8X8 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in EGHT. Prelude Capital Management LLC bought a new stake in shares of 8X8 during the third quarter valued at approximately $26,000. CIBC Bancorp USA Inc. purchased a new position in shares of 8X8 in the third quarter worth $30,000. Schonfeld Strategic Advisors LLC bought a new position in shares of 8X8 during the third quarter worth $31,000. Sequoia Financial Advisors LLC purchased a new position in 8X8 during the first quarter valued at $25,000. Finally, Abel Hall LLC purchased a new position in 8X8 during the fourth quarter valued at $33,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Price Performance

NASDAQ EGHT opened at $1.84 on Thursday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $265.77 million, a P/E ratio of 46.01, a P/E/G ratio of 1.26 and a beta of 1.84. 8x8 Inc has a one year low of $1.57 and a one year high of $2.88. The stock has a 50 day moving average price of $1.96 and a 200-day moving average price of $2.02.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.05. The company had revenue of $190.17 million for the quarter, compared to analysts' expectations of $182.47 million. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. As a group, equities analysts predict that 8x8 Inc will post 0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Kevin Kraus sold 34,329 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $2.32, for a total value of $79,643.28. Following the sale, the chief financial officer directly owned 958,324 shares in the company, valued at $2,223,311.68. The trade was a 3.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Elizabeth Harriet Theophille sold 20,207 shares of the business's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $1.81, for a total transaction of $36,574.67. Following the completion of the sale, the director owned 167,086 shares in the company, valued at approximately $302,425.66. This trade represents a 10.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on EGHT shares. Rosenblatt Securities reiterated a "buy" rating and issued a $3.00 price target on shares of 8X8 in a research note on Wednesday, August 5th. B. Riley Financial restated a "buy" rating and set a $3.25 price objective (up from $3.00) on shares of 8X8 in a research report on Wednesday, August 5th. Finally, Weiss Ratings raised 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a report on Thursday, June 4th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $3.12.

8X8 Profile

8x8, Inc NASDAQ: EGHT is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company's unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8x8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8x8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.

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