GSA Capital Partners LLP Buys Shares of 517,823 8×8 Inc $EGHT

GSA Capital Partners LLP purchased a new position in shares of 8×8 Inc (NASDAQ:EGHT) in the 2nd quarter, HoldingsChannel reports. The firm purchased 517,823 shares of the company’s stock, valued at approximately $885,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of 8X8 by 31.9% in the 3rd quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock valued at $13,217,000 after purchasing an additional 1,506,586 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of 8X8 by 33.3% during the second quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company’s stock worth $4,932,000 after buying an additional 628,024 shares during the period. Boston Partners raised its stake in 8X8 by 7.9% during the third quarter. Boston Partners now owns 8,582,614 shares of the company’s stock worth $18,192,000 after buying an additional 625,479 shares during the last quarter. AQR Capital Management LLC raised its stake in 8X8 by 36.0% during the second quarter. AQR Capital Management LLC now owns 2,111,511 shares of the company’s stock worth $4,139,000 after buying an additional 558,562 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in 8X8 by 314.6% during the fourth quarter. Marshall Wace LLP now owns 633,209 shares of the company’s stock worth $1,247,000 after buying an additional 480,477 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

Insider Activity

In other 8X8 news, CFO Kevin Kraus sold 34,329 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $2.32, for a total value of $79,643.28. Following the completion of the sale, the chief financial officer owned 958,324 shares of the company’s stock, valued at approximately $2,223,311.68. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Elizabeth Harriet Theophille sold 20,207 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $1.81, for a total value of $36,574.67. Following the completion of the sale, the director directly owned 167,086 shares of the company’s stock, valued at $302,425.66. This trade represents a 10.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.13% of the company’s stock.

8X8 Stock Performance

Shares of EGHT stock opened at $2.05 on Wednesday. The firm has a 50 day moving average of $1.92 and a 200-day moving average of $2.05. The company has a market cap of $296.10 million, a price-to-earnings ratio of 51.26, a price-to-earnings-growth ratio of 1.43 and a beta of 1.83. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.83. 8×8 Inc has a 52 week low of $1.57 and a 52 week high of $2.88.

8X8 (NASDAQ:EGHT) last released its earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. The company had revenue of $190.17 million for the quarter, compared to the consensus estimate of $182.47 million. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. On average, equities analysts forecast that 8×8 Inc will post 0.2 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on EGHT. Weiss Ratings raised shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research report on Thursday, June 4th. Rosenblatt Securities reissued a “buy” rating and issued a $3.00 price objective on shares of 8X8 in a research report on Wednesday, August 5th. Finally, B. Riley Financial reissued a “buy” rating and issued a $3.25 price objective (up from $3.00) on shares of 8X8 in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.72.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.