8×8 Inc (EGHT) Stake Increased by Thrivent Financial For Lutherans
Thrivent Financial For Lutherans increased its position in 8×8 Inc (NASDAQ:EGHT) by 5.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,290 shares of the technology company’s stock after buying an additional 2,500 shares during the period. Thrivent Financial For Lutherans owned about 0.06% of 8×8 worth $782,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Ameritas Investment Partners Inc. bought a new stake in 8×8 during the first quarter worth about $116,000. State of Alaska Department of Revenue increased its stake in 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock worth $153,000 after buying an additional 210 shares in the last quarter. OppenheimerFunds Inc. bought a new stake in 8×8 during the first quarter worth about $219,000. Princeton Alpha Management LP boosted its position in shares of 8×8 by 10.5% in the first quarter. Princeton Alpha Management LP now owns 15,165 shares of the technology company’s stock worth $231,000 after buying an additional 1,436 shares during the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in shares of 8×8 during the fourth quarter worth approximately $307,000. 68.02% of the stock is owned by institutional investors.
8×8 Inc (NASDAQ:EGHT) traded down 2.25% during midday trading on Monday, reaching $13.05. 870,971 shares of the company traded hands. The stock’s market capitalization is $1.20 billion. 8×8 Inc has a one year low of $10.30 and a one year high of $16.80. The company has a 50 day moving average price of $14.31 and a 200-day moving average price of $14.55.
8×8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.01. 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The company had revenue of $69.10 million for the quarter, compared to analyst estimates of $68.65 million. During the same period in the prior year, the business earned $0.04 earnings per share. 8×8’s revenue for the quarter was up 15.1% compared to the same quarter last year. Analysts forecast that 8×8 Inc will post $0.07 EPS for the current fiscal year.
8×8 declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 25th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 28% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of brokerages recently commented on EGHT. BidaskClub upgraded shares of 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Investment Research cut shares of 8×8 from a “buy” rating to a “sell” rating in a research report on Wednesday, August 2nd. William Blair reiterated a “hold” rating on shares of 8×8 in a research report on Sunday, July 30th. B. Riley reiterated a “neutral” rating and issued a $14.00 target price on shares of 8×8 in a research report on Saturday, July 29th. Finally, Craig Hallum cut shares of 8×8 from a “buy” rating to a “hold” rating and decreased their price objective for the company from $19.00 to $15.00 in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. 8×8 has a consensus rating of “Hold” and a consensus price target of $17.30.
In other 8×8 news, CEO Vikram Verma acquired 11,700 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was purchased at an average price of $12.80 per share, for a total transaction of $149,760.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mary Ellen P. Genovese acquired 11,625 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was acquired at an average price of $12.78 per share, with a total value of $148,567.50. Following the transaction, the chief financial officer now directly owns 92,106 shares of the company’s stock, valued at approximately $1,177,114.68. The disclosure for this purchase can be found here. 4.40% of the stock is owned by company insiders.
8×8 Company Profile
8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.
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