Squarepoint Ops LLC Has $1.45 Million Stock Position in 8x8 Inc $EGHT

Key Points

• Squarepoint Ops LLC increased its 8x8 stake by 227.8% in the second quarter, acquiring 588,564 additional shares for a total position of 846,965 shares valued at approximately $1.45 million. Institutional investors collectively own 93.99% of the company.
• 8x8 shares opened at $1.80, near the lower end of their 52-week range of $1.57 to $2.88. The company exceeded quarterly expectations with EPS of $0.09 versus the $0.04 consensus and revenue of $190.17 million versus estimates of $182.47 million.
• Analyst sentiment remains mixed, with two Buy ratings, one Hold, and one Sell, producing an average rating of Hold and an average price target of $3.12. Company insiders sold 171,054 shares worth approximately $327,210 during the latest quarter.

Squarepoint Ops LLC increased its stake in 8x8 Inc (NASDAQ:EGHT - Free Report) by 227.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 846,965 shares of the company's stock after purchasing an additional 588,564 shares during the quarter. Squarepoint Ops LLC owned approximately 0.59% of 8X8 worth $1,448,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC purchased a new stake in 8X8 during the first quarter valued at about $25,000. Heron Bay Capital Management purchased a new position in shares of 8X8 in the second quarter worth approximately $25,000. Legal & General Group Plc purchased a new position in shares of 8X8 in the second quarter worth approximately $26,000. Amundi acquired a new stake in shares of 8X8 during the second quarter valued at approximately $43,000. Finally, Abacus Wealth Partners LLC acquired a new stake in shares of 8X8 during the fourth quarter valued at approximately $45,000. Institutional investors and hedge funds own 93.99% of the company's stock.

8X8 Trading Down 1.6%

NASDAQ:EGHT opened at $1.80 on Thursday. The stock has a market cap of $259.99 million, a PE ratio of 45.01, a price-to-earnings-growth ratio of 1.26 and a beta of 1.84. 8x8 Inc has a fifty-two week low of $1.57 and a fifty-two week high of $2.88. 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's 50-day moving average is $1.97 and its two-hundred day moving average is $1.99.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.05. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. The business had revenue of $190.17 million during the quarter, compared to analyst estimates 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, equities research analysts forecast that 8x8 Inc will post 0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Kevin Kraus sold 34,329 shares of the company'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 directly owned 958,324 shares of the company's stock, valued at approximately $2,223,311.68. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew F. Burton sold 107,085 shares of the stock in a transaction 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 owned 151,615 shares of the company's stock, valued at approximately $274,423.15. This represents a 41.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 171,054 shares of company stock worth $327,210 in the last quarter. 2.13% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on EGHT shares. B. Riley Financial reiterated 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. Rosenblatt Securities restated a "buy" rating and issued a $3.00 target price on shares of 8X8 in a report on Thursday, September 10th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of 8X8 in a research report on Tuesday, September 1st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $3.12.

8X8 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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