Putnam Investments LLC bought a new stake in 8×8, Inc. (NASDAQ:EGHT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 513,746 shares of the technology company’s stock, valued at approximately $10,301,000. Putnam Investments LLC owned approximately 0.55% of 8X8 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN increased its position in 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 buying an additional 489,411 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in 8X8 in the second quarter worth $394,000. Rhumbline Advisers increased its position in 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 buying an additional 9,833 shares during the period. GSA Capital Partners LLP grew its stake in shares of 8X8 by 206.5% in the second quarter. GSA Capital Partners LLP now owns 84,863 shares of the technology company’s stock worth $1,702,000 after purchasing an additional 57,175 shares in the last quarter. Finally, First Trust Advisors LP grew its stake 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. 71.56% of the stock is currently owned by institutional investors.
In other news, SVP Darren J. Hakeman sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $23.25, for a total transaction of $186,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.40% of the stock is owned by company insiders.
8X8 stock traded up $0.53 during mid-day trading on Friday, hitting $18.32. The company’s stock had a trading volume of 1,120,733 shares, compared to its average volume of 869,790. 8×8, Inc. has a 52-week low of $12.00 and a 52-week high of $23.50.
8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Thursday, July 26th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.02 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.02 EPS. On average, research analysts forecast that 8×8, Inc. will post -0.12 earnings per share for the current year.
Several research analysts have recently issued reports on EGHT shares. BidaskClub cut 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 20th. Stifel Nicolaus started coverage on 8X8 in a research note on Wednesday, July 11th. They issued a “buy” rating and a $25.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of 8X8 in a research note on Friday, July 27th. Zacks Investment Research upgraded 8X8 from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. Finally, B. Riley increased their price target on 8X8 from $16.00 to $22.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $23.57.
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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