Intrinsic Edge Capital Management LLC lessened its stake in shares of 8×8 Inc (NASDAQ:EGHT) by 49.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 270,421 shares of the technology company’s stock after selling 260,830 shares during the quarter. 8×8 comprises about 1.2% of Intrinsic Edge Capital Management LLC’s investment portfolio, making the stock its 24th biggest holding. Intrinsic Edge Capital Management LLC owned 0.29% of 8×8 worth $3,935,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of EGHT. BlackRock Inc. increased its stake in shares of 8×8 by 120,530.1% during the first quarter. BlackRock Inc. now owns 10,695,065 shares of the technology company’s stock valued at $163,100,000 after acquiring an additional 10,686,199 shares during the period. Hunt Lane Capital LP acquired a new position in shares of 8×8 during the second quarter valued at approximately $36,375,000. Marshall Wace North America L.P. increased its stake in shares of 8×8 by 487.9% during the second quarter. Marshall Wace North America L.P. now owns 1,423,377 shares of the technology company’s stock valued at $21,351,000 after acquiring an additional 1,181,282 shares during the period. Voya Investment Management LLC increased its stake in shares of 8×8 by 2,585.9% during the second quarter. Voya Investment Management LLC now owns 1,055,746 shares of the technology company’s stock valued at $15,361,000 after acquiring an additional 1,016,439 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of 8×8 by 28.5% during the second quarter. First Trust Advisors LP now owns 3,535,356 shares of the technology company’s stock valued at $51,439,000 after acquiring an additional 784,916 shares during the period. Institutional investors and hedge funds own 69.48% of the company’s stock.

In other 8×8 news, CEO Vikram Verma purchased 11,700 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was acquired at an average cost of $12.80 per share, with a total value of $149,760.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mary Ellen P. Genovese purchased 11,625 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were acquired at an average cost of $12.78 per share, with a total value of $148,567.50. Following the completion of the purchase, the chief financial officer now owns 92,106 shares of the company’s stock, valued at $1,177,114.68. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.

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8×8 Inc (NASDAQ:EGHT) traded up 0.36% on Thursday, reaching $14.10. 46,410 shares of the company’s stock traded hands. 8×8 Inc has a 52-week low of $10.30 and a 52-week high of $16.80. The firm’s market capitalization is $1.29 billion. The firm’s 50 day moving average price is $13.55 and its 200 day moving average price is $13.98.

8×8 (NASDAQ:EGHT) last posted its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $68.65 million. 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The company’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period last year, the firm earned $0.04 earnings per share. On average, analysts predict that 8×8 Inc will post $0.07 EPS for the current fiscal year.

A number of research firms recently commented on EGHT. B. Riley reiterated a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a research note on Monday, July 24th. Zacks Investment Research lowered shares of 8×8 from a “hold” rating to a “sell” rating in a research note on Wednesday. ValuEngine upgraded shares of 8×8 from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub upgraded shares of 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Finally, Craig Hallum lowered shares of 8×8 from a “buy” rating to a “hold” rating and lowered their price objective for the company from $19.00 to $15.00 in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.30.

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

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