ArrowMark Colorado Holdings LLC Cuts Holdings in 8×8, Inc. (NASDAQ:EGHT)

ArrowMark Colorado Holdings LLC cut its stake in 8×8, Inc. (NASDAQ:EGHT) by 10.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,725,291 shares of the company’s stock after selling 1,441,633 shares during the period. ArrowMark Colorado Holdings LLC owned about 0.09% of 8X8 worth $23,920,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in EGHT. B. Riley Financial Inc. bought a new stake in 8X8 in the 3rd quarter worth approximately $1,997,000. First Eagle Investment Management LLC boosted its stake in shares of 8X8 by 105.1% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after purchasing an additional 576,418 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after purchasing an additional 561,436 shares in the last quarter. FMR LLC grew its holdings in shares of 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after purchasing an additional 314,441 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC raised its position in 8X8 by 62.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock worth $975,000 after purchasing an additional 168,057 shares during the period. Institutional investors own 93.99% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on EGHT shares. Barclays raised their price objective on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Wells Fargo & Company increased their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Mizuho increased their price target on shares of 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Rosenblatt Securities decreased their price objective 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. Finally, Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.82.

8X8 Stock Performance

8X8 stock opened at $3.10 on Monday. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The stock’s 50 day simple moving average is $2.37 and its two-hundred day simple moving average is $2.33. 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 stock has a market cap of $405.05 million, a price-to-earnings ratio of -5.64, a PEG ratio of 26.63 and a beta of 1.54.

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

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.