Bank of New York Mellon Corp Takes Position in 8x8 Inc $EGHT

Key Points

• Bank of New York Mellon purchased 590,919 shares of 8x8 in the second quarter, valued at approximately $1.01 million and representing about 0.42% of the company. Institutional investors collectively own 93.99% of EGHT.
• 8x8 insiders recently sold shares, including CFO Kevin Kraus’s $79,643 transaction and Director Elizabeth Theophille’s $36,575 sale. Company insiders own approximately 2.13% of the stock.
• Analyst sentiment is mixed, with an overall “Hold” rating and a consensus price target of $3.12. 8x8 recently exceeded quarterly earnings and revenue expectations, reporting $0.09 EPS and $190.17 million in revenue.

Bank of New York Mellon Corp bought a new stake in 8x8 Inc (NASDAQ:EGHT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 590,919 shares of the company's stock, valued at approximately $1,010,000. Bank of New York Mellon Corp owned about 0.42% of 8X8 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. GSA Capital Partners LLP bought a new position in shares of 8X8 in the second quarter worth approximately $885,000. Nano Cap New Millennium Growth Fund L P bought a new stake in 8X8 during the 4th quarter valued at $749,000. Abacus Wealth Partners LLC bought a new stake in 8X8 during the 4th quarter valued at $45,000. Bailard Inc. purchased a new stake in 8X8 during the 4th quarter valued at $181,000. Finally, M&T Bank Corp purchased a new stake in 8X8 during the 4th quarter valued at $45,000. 93.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling at 8X8

In related 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 transaction of $79,643.28. Following the sale, the chief financial officer owned 958,324 shares of the company's stock, valued at $2,223,311.68. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Elizabeth 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 sale, the director directly owned 167,086 shares in the company, valued at $302,425.66. The trade was a 10.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EGHT. Weiss Ratings restated a "sell (d)" rating on shares of 8X8 in a report on Tuesday, September 1st. Rosenblatt Securities reiterated a "buy" rating and issued a $3.00 price objective on shares of 8X8 in a report on Thursday. Finally, B. Riley Financial reiterated a "buy" rating and issued a $3.25 price objective (up from $3.00) on shares of 8X8 in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, 8X8 currently has an average rating of "Hold" and a consensus target price of $3.12.

8X8 Stock Up 2.2%

EGHT stock opened at $1.82 on Friday. 8x8 Inc has a fifty-two week low of $1.57 and a fifty-two week high of $2.88. The business's 50 day moving average price is $1.98 and its two-hundred day moving average price is $2.00. 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 $262.88 million, a price-to-earnings ratio of 45.51, a price-to-earnings-growth ratio of 1.22 and a beta of 1.84.

8X8 (NASDAQ:EGHT - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations 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. As a group, analysts forecast that 8x8 Inc will post 0.2 earnings per share for the current fiscal year.

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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