Traders Purchase High Volume of 8X8 Call Options (EGHT)

8×8, Inc. (NASDAQ:EGHT) was the recipient of some unusual options trading on Monday. Stock traders acquired 857 call options on the stock. This represents an increase of 920% compared to the average daily volume of 84 call options.

A number of brokerages have commented on EGHT. Morgan Stanley set a $24.00 target price on shares of 8X8 and gave the stock a “buy” rating in a report on Friday, April 27th. BidaskClub upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, April 20th. CIBC began coverage on shares of 8X8 in a report on Thursday, April 19th. They issued an “outperform” rating for the company. Oppenheimer began coverage on shares of 8X8 in a report on Thursday, April 19th. They issued an “outperform” rating and a $25.00 target price for the company. Finally, Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a report on Tuesday, March 27th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. 8X8 presently has a consensus rating of “Buy” and an average target price of $19.91.

8X8 opened at $21.60 on Tuesday, according to MarketBeat.com. 8X8 has a 52-week low of $21.55 and a 52-week high of $22.35.

In other 8X8 news, SVP Darren J. Hakeman sold 8,000 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $18.47, for a total value of $147,760.00. Following the completion of the transaction, the senior vice president now directly owns 62,886 shares in the company, valued at $1,161,504.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dejan Deklich sold 9,300 shares of the business’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $19.70, for a total transaction of $183,210.00. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of EGHT. Massachusetts Financial Services Co. MA acquired a new position in shares of 8X8 during the first quarter valued at about $32,869,000. Millennium Management LLC increased its holdings in shares of 8X8 by 2,952.5% during the fourth quarter. Millennium Management LLC now owns 1,055,821 shares of the technology company’s stock valued at $14,887,000 after acquiring an additional 1,021,232 shares in the last quarter. Kornitzer Capital Management Inc. KS increased its holdings in shares of 8X8 by 154.3% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 1,462,450 shares of the technology company’s stock valued at $20,621,000 after acquiring an additional 887,385 shares in the last quarter. Southpoint Capital Advisors LP increased its holdings in shares of 8X8 by 42.9% during the fourth quarter. Southpoint Capital Advisors LP now owns 2,000,000 shares of the technology company’s stock valued at $28,200,000 after acquiring an additional 600,000 shares in the last quarter. Finally, Hunt Lane Capital LP increased its holdings in shares of 8X8 by 17.7% during the fourth quarter. Hunt Lane Capital LP now owns 3,860,000 shares of the technology company’s stock valued at $54,426,000 after acquiring an additional 580,000 shares in the last quarter. Hedge funds and other institutional investors own 71.56% of the company’s stock.

About 8X8

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.




Leave a Reply