Credit Suisse AG cut its stake in 8×8 Inc (NASDAQ:EGHT) by 23.2% during the first quarter, Holdings Channel reports. The firm owned 101,135 shares of the technology company’s stock after selling 30,483 shares during the period. Credit Suisse AG’s holdings in 8×8 were worth $1,544,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. 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 valued at $153,000 after buying an additional 210 shares during the period. Louisiana State Employees Retirement System increased its stake in 8×8 by 1.6% in the first quarter. Louisiana State Employees Retirement System now owns 37,000 shares of the technology company’s stock valued at $564,000 after buying an additional 600 shares during the period. Arizona State Retirement System increased its stake in 8×8 by 1.5% in the first quarter. Arizona State Retirement System now owns 47,335 shares of the technology company’s stock valued at $722,000 after buying an additional 700 shares during the period. Legal & General Group Plc increased its stake in 8×8 by 0.7% in the first quarter. Legal & General Group Plc now owns 164,376 shares of the technology company’s stock valued at $2,506,000 after buying an additional 1,109 shares during the period. Finally, Princeton Alpha Management LP increased its stake in 8×8 by 10.5% in the first quarter. Princeton Alpha Management LP now owns 15,165 shares of the technology company’s stock valued at $231,000 after buying an additional 1,436 shares during the period. 70.17% of the stock is currently owned by institutional investors and hedge funds.

8×8 Inc (NASDAQ EGHT) traded up 0.76% during mid-day trading on Monday, reaching $13.20. The company had a trading volume of 73,057 shares. The stock’s 50-day moving average price is $13.94 and its 200 day moving average price is $14.43. The firm’s market capitalization is $1.21 billion. 8×8 Inc has a 52 week low of $10.30 and a 52 week high of $16.80.

8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.01. The business had revenue of $69.10 million during the quarter, compared to analyst estimates of $68.65 million. 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.04 EPS. On average, equities research analysts predict that 8×8 Inc will post $0.07 EPS for the current year.

8×8 declared that its Board of Directors has initiated a share buyback program 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 programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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Several research firms have recently weighed in on EGHT. B. Riley restated a “neutral” rating and issued a $14.00 price target on shares of 8×8 in a research note on Wednesday, July 19th. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. ValuEngine upgraded 8×8 from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Zacks Investment Research upgraded 8×8 from a “sell” rating to a “hold” rating in a research note on Friday, May 26th. Finally, Craig Hallum cut 8×8 from a “buy” rating to a “hold” rating and decreased their price target for the stock from $19.00 to $15.00 in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $17.30.

In other news, CEO Vikram Verma bought 11,700 shares of 8×8 stock in a transaction that occurred on Tuesday, August 1st. The stock was bought at an average price of $12.80 per share, for a total transaction of $149,760.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mary Ellen P. Genovese bought 11,625 shares of 8×8 stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average price of $12.78 per share, with a total value of $148,567.50. Following the purchase, the chief financial officer now directly owns 92,106 shares in the company, valued at $1,177,114.68. The disclosure for this purchase can be found here. 4.40% of the stock is owned by company insiders.

About 8×8

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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Institutional Ownership by Quarter for 8x8 (NASDAQ:EGHT)

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