Bank of America Corp DE Purchases 1,650,937 Shares of 8x8 Inc $EGHT

Key Points

• Bank of America acquired 1.65 million shares of 8x8 during the second quarter, worth approximately $2.82 million and representing a 1.14% stake. Institutional investors collectively own 93.99% of the company.
• 8x8 insiders sold 171,054 shares worth $327,210 over the past three months, including substantial sales by a director and the CFO.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $3.12. The stock opened at $2.17, while the company recently exceeded quarterly earnings and revenue expectations.

Bank of America Corp DE acquired a new stake in 8x8 Inc (NASDAQ:EGHT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,650,937 shares of the company's stock, valued at approximately $2,823,000. Bank of America Corp DE owned 1.14% of 8X8 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Man Group plc purchased a new stake in shares of 8X8 in the second quarter valued at approximately $145,000. Hsbc Holdings PLC purchased a new stake in shares of 8X8 in the second quarter valued at about $156,000. Canada Pension Plan Investment Board purchased a new position in 8X8 during the second quarter worth $335,000. Legal & General Group Plc acquired a new stake in shares of 8X8 during the 2nd quarter worth about $26,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of 8X8 during the second quarter valued at approximately $54,000. Hedge funds and other institutional investors own 93.99% of the company's stock.

Insider Activity at 8X8

In related news, Director Andrew Burton sold 107,085 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $1.81, for a total value of $193,823.85. Following the sale, the director directly owned 151,615 shares in the company, valued at $274,423.15. This trade represents a 41.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin Kraus sold 34,329 shares of 8X8 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 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 171,054 shares of company stock worth $327,210 in the last three months. 2.13% of the stock is owned by company insiders.

Analyst Ratings Changes

EGHT has been the topic of several recent analyst reports. B. Riley Financial reiterated a "buy" rating and set a $3.25 target price (up from $3.00) on shares of 8X8 in a research report on Wednesday, August 5th. Rosenblatt Securities reissued a "buy" rating and issued a $3.00 price objective on shares of 8X8 in a research report on Thursday, September 10th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of 8X8 in a research report on Tuesday, September 1st. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $3.12.

8X8 Stock Performance

Shares of EGHT opened at $2.17 on Wednesday. 8x8 Inc has a 12-month low of $1.57 and a 12-month high of $2.88. The business's fifty day moving average price is $1.98 and its 200 day moving average price is $1.97. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $313.43 million, a PE ratio of 54.26, a price-to-earnings-growth ratio of 1.53 and a beta of 1.84.

8X8 (NASDAQ:EGHT - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $190.17 million for the quarter, compared to analyst estimates 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. Equities research analysts forecast that 8x8 Inc will post 0.2 EPS for the current year.

8X8 Company Profile

8x8, Inc is a cloud communications and customer engagement company that provides voice, video, messaging, contact center and application programming interface (API) services through its integrated platform. Its offerings are designed to help businesses manage internal communications, customer interactions and digital workflows from the cloud.

The company's product portfolio includes 8x8 Work, a unified communications solution for business calling, team messaging and meetings, and 8x8 Contact Center, which supports customer service operations across voice and digital channels.

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