Russell Investments Group Ltd. lessened its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 88.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 73,684 shares of the technology company’s stock after selling 576,921 shares during the period. Russell Investments Group Ltd. owned about 0.08% of 8X8 worth $995,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hunt Lane Capital LP acquired a new position in 8X8 during the second quarter worth approximately $36,375,000. Voya Investment Management LLC increased its position in 8X8 by 2,585.9% during the second quarter. Voya Investment Management LLC now owns 1,055,746 shares of the technology company’s stock worth $15,361,000 after buying an additional 1,016,439 shares during the last quarter. Royal Bank of Canada increased its position in 8X8 by 1,598.1% during the second quarter. Royal Bank of Canada now owns 585,946 shares of the technology company’s stock worth $8,525,000 after buying an additional 551,440 shares during the last quarter. Southpoint Capital Advisors LP acquired a new position in 8X8 during the second quarter worth approximately $7,275,000. Finally, Kornitzer Capital Management Inc. KS increased its position in 8X8 by 273.4% during the third quarter. Kornitzer Capital Management Inc. KS now owns 575,065 shares of the technology company’s stock worth $7,763,000 after buying an additional 421,065 shares during the last quarter. Institutional investors and hedge funds own 71.56% of the company’s stock.

8×8, Inc. (NASDAQ EGHT) opened at $14.10 on Friday. 8×8, Inc. has a 12-month low of $10.30 and a 12-month high of $16.80. The company has a market capitalization of $1,340.00, a P/E ratio of -176.25 and a beta of 0.37.

8X8 (NASDAQ:EGHT) last posted its earnings results on Thursday, October 26th. The technology company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company had revenue of $72.48 million for the quarter, compared to the consensus estimate of $71.65 million. During the same quarter in the prior year, the business earned $0.06 earnings per share. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. equities research analysts predict that 8×8, Inc. will post -0.12 earnings per share for the current fiscal year.

A number of equities analysts have weighed in on the company. William Blair reissued a “hold” rating on shares of 8X8 in a research report on Friday, November 17th. Robert W. Baird reissued a “buy” rating and set a $17.00 price target on shares of 8X8 in a research report on Friday, November 17th. Summit Redstone downgraded 8X8 from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. B. Riley reissued a “hold” rating and set a $14.00 price target on shares of 8X8 in a research report on Tuesday, October 24th. Finally, Zacks Investment Research raised 8X8 from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $17.30.

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8X8 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.

Institutional Ownership by Quarter for 8X8 (NASDAQ:EGHT)

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