17,792 Shares in 8×8, Inc. (NASDAQ:EGHT) Bought by Virtu Financial LLC

Virtu Financial LLC purchased a new stake in shares of 8×8, Inc. (NASDAQ:EGHT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 17,792 shares of the company’s stock, valued at approximately $36,000.

Several other institutional investors have also added to or reduced their stakes in the company. Invenomic Capital Management LP raised its stake in shares of 8X8 by 10.5% during the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after acquiring an additional 524,580 shares during the last quarter. Geode Capital Management LLC raised its position in 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares during the last quarter. FMR LLC lifted its holdings in 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares during the period. Dimensional Fund Advisors LP grew its position in shares of 8X8 by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after buying an additional 145,606 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of 8X8 by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after buying an additional 23,731 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Price Performance

EGHT stock opened at $2.72 on Friday. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $355.40 million, a price-to-earnings ratio of -4.95, a PEG ratio of 26.98 and a beta of 1.63. The firm has a 50 day moving average price of $2.67 and a 200-day moving average price of $2.35. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.92.

8X8 (NASDAQ:EGHT) last released its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same period in the previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts forecast that 8×8, Inc. will post 0.01 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on EGHT. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Rosenblatt Securities reduced their price target on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Monday, October 28th. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Wells Fargo & Company lifted their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. Finally, B. Riley reissued a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.87.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.