Public Sector Pension investment Board reduced its position in shares of 8×8 Inc (NASDAQ:EGHT) by 28.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,940 shares of the technology company’s stock after selling 18,600 shares during the quarter. Public Sector Pension investment Board owned about 0.05% of 8×8 worth $683,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new position in 8×8 during the 1st quarter valued at $116,000. Riverhead Capital Management LLC boosted its stake in 8×8 by 85.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock valued at $132,000 after purchasing an additional 4,184 shares in the last quarter. Pinebridge Investments L.P. boosted its stake in 8×8 by 1.8% during the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock valued at $176,000 after purchasing an additional 209 shares in the last quarter. Amalgamated Bank boosted its stake in 8×8 by 5.0% during the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock valued at $179,000 after purchasing an additional 581 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new position in 8×8 during the 2nd quarter valued at $182,000. 69.48% of the stock is owned by hedge funds and other institutional investors.

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In related news, CEO Vikram Verma bought 11,700 shares of 8×8 stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average cost of $12.80 per share, with a total value of $149,760.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 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 bought 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 in the company, valued at approximately $1,177,114.68. The disclosure for this purchase can be found here. 4.40% of the stock is owned by insiders.

A number of brokerages have issued reports on EGHT. Zacks Investment Research lowered 8×8 from a “hold” rating to a “sell” rating in a research note on Wednesday. ValuEngine raised 8×8 from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. William Blair reaffirmed a “hold” rating on shares of 8×8 in a research note on Sunday, July 30th. Finally, B. Riley reaffirmed a “neutral” rating and set a $14.00 price target on shares of 8×8 in a research note on Saturday, July 29th. 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’s stock. 8×8 currently has a consensus rating of “Hold” and a consensus target price of $17.30.

Shares of 8×8 Inc (NASDAQ:EGHT) opened at 14.10 on Friday. The stock’s 50 day moving average price is $13.59 and its 200 day moving average price is $13.97. The company’s market capitalization is $1.29 billion. 8×8 Inc has a 1-year low of $10.30 and a 1-year high of $16.80.

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

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.

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

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