Alpha DNA Investment Management LLC Increases Stock Position in 8×8, Inc. (NYSE:EGHT)

Alpha DNA Investment Management LLC raised its holdings in 8×8, Inc. (NYSE:EGHT) by 53,017.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,060 shares of the technology company’s stock after purchasing an additional 18,026 shares during the quarter. Alpha DNA Investment Management LLC’s holdings in 8X8 were worth $585,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Amalgamated Bank boosted its stake in shares of 8X8 by 2.9% during the 4th quarter. Amalgamated Bank now owns 17,395 shares of the technology company’s stock worth $600,000 after acquiring an additional 487 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of 8X8 by 2.4% during the 1st quarter. Arizona State Retirement System now owns 29,403 shares of the technology company’s stock worth $954,000 after acquiring an additional 686 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of 8X8 by 6.0% during the 4th quarter. Victory Capital Management Inc. now owns 13,002 shares of the technology company’s stock worth $448,000 after acquiring an additional 741 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of 8X8 by 0.3% during the 4th quarter. California Public Employees Retirement System now owns 215,446 shares of the technology company’s stock worth $7,426,000 after acquiring an additional 746 shares in the last quarter. Finally, TRU Independence Asset Management 2 LLC purchased a new stake in shares of 8X8 during the 4th quarter worth approximately $31,000. 97.30% of the stock is currently owned by institutional investors.

Several brokerages recently issued reports on EGHT. Bank of America began coverage on 8X8 in a research report on Tuesday, April 20th. They set a “neutral” rating and a $39.00 price objective for the company. Craig Hallum restated a “hold” rating on shares of 8X8 in a research report on Monday, May 17th. Evercore ISI restated a “buy” rating on shares of 8X8 in a research report on Thursday, May 13th. Zacks Investment Research upgraded 8X8 from a “sell” rating to a “hold” rating in a research report on Monday, May 24th. Finally, B. Riley reissued a “neutral” rating and issued a $25.00 price objective (down from $32.50) on shares of 8X8 in a research report on Tuesday, May 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. 8X8 has a consensus rating of “Hold” and a consensus target price of $31.21.

Shares of NYSE:EGHT opened at $25.76 on Friday. The company has a market capitalization of $2.83 billion, a PE ratio of -16.41 and a beta of 1.11. 8×8, Inc. has a 1-year low of $13.69 and a 1-year high of $39.17. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 1.92. The business’s 50 day simple moving average is $28.65.

8X8 (NYSE:EGHT) last issued its quarterly earnings results on Monday, May 10th. The technology company reported ($0.33) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.32). 8X8 had a negative net margin of 31.10% and a negative return on equity of 73.97%. The firm had revenue of $144.70 million during the quarter, compared to analysts’ expectations of $139.96 million. During the same quarter last year, the company posted ($0.12) EPS. The firm’s revenue was up 19.1% compared to the same quarter last year. As a group, research analysts predict that 8×8, Inc. will post -0.84 earnings per share for the current fiscal year.

In other news, Treasurer Germaine Cota sold 1,037 shares of the firm’s stock in a transaction on Tuesday, May 18th. The shares were sold at an average price of $24.39, for a total transaction of $25,292.43. Also, CEO David Sipes purchased 43,000 shares of the business’s stock in a transaction dated Monday, June 7th. The shares were acquired at an average price of $23.47 per share, for a total transaction of $1,009,210.00. Following the acquisition, the chief executive officer now directly owns 518,728 shares in the company, valued at approximately $12,174,546.16. The disclosure for this purchase can be found here. In the last quarter, insiders sold 12,741 shares of company stock valued at $416,421. Insiders own 3.00% of the company’s stock.

8X8 Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

Featured Story: What causes a yield curve to invert?

Want to see what other hedge funds are holding EGHT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 8×8, Inc. (NYSE:EGHT).

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

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.