Bank of New York Mellon Corp cut its holdings in 8×8, Inc. (NASDAQ:EGHT) by 2.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,029,716 shares of the technology company’s stock after selling 31,143 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.12% of 8X8 worth $13,902,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in EGHT. Vanguard Group Inc. lifted its stake in 8X8 by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 4,973,283 shares of the technology company’s stock valued at $72,362,000 after acquiring an additional 213,257 shares during the period. Hunt Lane Capital LP bought a new position in 8X8 during the 2nd quarter valued at about $36,375,000. State Street Corp lifted its stake in 8X8 by 4.8% during the 2nd quarter. State Street Corp now owns 2,226,356 shares of the technology company’s stock valued at $32,388,000 after acquiring an additional 101,136 shares during the period. Renaissance Technologies LLC lifted its stake in 8X8 by 21.3% during the 2nd quarter. Renaissance Technologies LLC now owns 2,206,430 shares of the technology company’s stock valued at $32,104,000 after acquiring an additional 388,000 shares during the period. Finally, Northern Trust Corp lifted its stake in 8X8 by 2.4% during the 2nd quarter. Northern Trust Corp now owns 1,202,253 shares of the technology company’s stock valued at $17,493,000 after acquiring an additional 28,379 shares during the period. Institutional investors own 71.56% of the company’s stock.
Several research firms have issued reports on EGHT. Zacks Investment Research cut shares of 8X8 from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. William Blair restated a “hold” rating on shares of 8X8 in a research note on Friday, November 17th. Robert W. Baird reaffirmed a “buy” rating and set a $17.00 price target on shares of 8X8 in a research report on Friday, November 17th. B. Riley reaffirmed a “hold” rating and set a $14.00 price target on shares of 8X8 in a research report on Tuesday, October 24th. Finally, Summit Redstone lowered shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $17.30.
8×8, Inc. (EGHT) traded up $0.30 during trading on Friday, reaching $15.25. 930,066 shares of the company traded hands, compared to its average volume of 650,501. The stock has a market cap of $1,400.00, a price-to-earnings ratio of -190.63 and a beta of 0.37. 8×8, Inc. has a one year low of $10.30 and a one year high of $16.80.
8X8 (NASDAQ:EGHT) last released its earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The company had revenue of $72.48 million during the quarter, compared to analyst estimates of $71.65 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.06 EPS. sell-side analysts expect that 8×8, Inc. will post -0.12 EPS for the current fiscal year.
COPYRIGHT VIOLATION NOTICE: This article was first posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this article on another publication, it was stolen and reposted in violation of US and international copyright law. The original version of this article can be viewed at https://www.dispatchtribunal.com/2018/01/13/8x8-inc-eght-stake-lessened-by-bank-of-new-york-mellon-corp.html.
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.
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.