Strs Ohio Has $1.21 Million Stake in 8×8, Inc. (EGHT)
Strs Ohio lifted its holdings in shares of 8×8, Inc. (NASDAQ:EGHT) by 4.7% in the second quarter, HoldingsChannel.com reports. The fund owned 60,200 shares of the technology company’s stock after purchasing an additional 2,700 shares during the quarter. Strs Ohio’s holdings in 8X8 were worth $1,207,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Rhumbline Advisers lifted its position in shares of 8X8 by 4.6% in the second quarter. Rhumbline Advisers now owns 222,526 shares of the technology company’s stock worth $4,462,000 after purchasing an additional 9,833 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of 8X8 in the second quarter worth $394,000. Kornitzer Capital Management Inc. KS lifted its position in shares of 8X8 by 4.6% in the second quarter. Kornitzer Capital Management Inc. KS now owns 1,683,930 shares of the technology company’s stock worth $33,763,000 after purchasing an additional 74,735 shares in the last quarter. First Trust Advisors LP lifted its position in shares of 8X8 by 17.4% in the second quarter. First Trust Advisors LP now owns 4,725,161 shares of the technology company’s stock worth $94,739,000 after purchasing an additional 700,508 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of 8X8 by 770.2% in the second quarter. Wells Fargo & Company MN now owns 552,953 shares of the technology company’s stock worth $11,087,000 after purchasing an additional 489,411 shares in the last quarter. 71.56% of the stock is owned by institutional investors.
A number of analysts have recently commented on the stock. Bank of America reissued a “neutral” rating on shares of 8X8 in a research report on Saturday, June 2nd. William Blair reissued a “hold” rating on shares of 8X8 in a research report on Wednesday, May 16th. Stifel Nicolaus assumed coverage on shares of 8X8 in a research report on Wednesday, July 11th. They issued a “buy” rating and a $25.00 price objective on the stock. BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 10th. Finally, Zacks Investment Research lowered shares of 8X8 from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. 8X8 has an average rating of “Buy” and an average target price of $23.57.
8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, July 26th. The technology company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.02 million. During the same period in the previous year, the company earned $0.02 earnings per share. The company’s quarterly revenue was up 20.4% on a year-over-year basis. analysts forecast that 8×8, Inc. will post -0.12 EPS for the current year.
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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