Algert Global LLC raised its stake in shares of 8x8 Inc (NASDAQ:EGHT - Free Report) by 944.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,284,026 shares of the company's stock after buying an additional 1,161,066 shares during the period. Algert Global LLC owned about 0.89% of 8X8 worth $2,196,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prelude Capital Management LLC bought a new position in shares of 8X8 in the 3rd quarter worth approximately $26,000. CIBC Bancorp USA Inc. purchased a new position in shares of 8X8 during the 3rd quarter worth $30,000. Heron Bay Capital Management purchased a new position in shares of 8X8 during the 2nd quarter worth $25,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of 8X8 during the 3rd quarter valued at $31,000. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of 8X8 during the 1st quarter valued at $25,000. 93.99% of the stock is owned by institutional investors.
Insider Buying and Selling at 8X8
In other news, CFO Kevin Kraus sold 34,329 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $2.32, for a total value of $79,643.28. Following the transaction, the chief financial officer owned 958,324 shares of the company's stock, valued at approximately $2,223,311.68. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Elizabeth Harriet Theophille sold 20,207 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $1.81, for a total transaction of $36,574.67. Following the transaction, the director owned 167,086 shares of the company's stock, valued at approximately $302,425.66. This represents a 10.79% decrease in their position. The SEC filing for this sale provides additional information. 2.13% of the stock is currently owned by insiders.
8X8 Trading Down 1.0%
Shares of EGHT stock opened at $1.99 on Friday. 8x8 Inc has a 52-week low of $1.57 and a 52-week high of $2.88. 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 firm has a market capitalization of $287.44 million, a PE ratio of 49.76, a PEG ratio of 1.37 and a beta of 1.83. The stock has a fifty day simple moving average of $1.96 and a two-hundred day simple moving average of $2.04.
8X8 (NASDAQ:EGHT - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.05. 8X8 had a return on equity of 28.72% and a net margin of 0.64%.The company had revenue of $190.17 million for the quarter, compared to the consensus estimate of $182.47 million. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. On average, analysts predict that 8x8 Inc will post 0.2 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
EGHT has been the topic of several recent research reports. Weiss Ratings raised 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a research note on Thursday, June 4th. Rosenblatt Securities reiterated a "buy" rating and set a $3.00 price objective on shares of 8X8 in a research note on Wednesday, August 5th. Finally, B. Riley Financial reissued a "buy" rating and issued a $3.25 target price (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $3.12.
View Our Latest Stock Report on 8X8
About 8X8
(
Free Report)
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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