First Mercantile Trust Co. decreased its stake in 8×8 Inc. (NASDAQ:EGHT) by 4.4% during the third quarter, Holdings Channel reports. The firm owned 42,253 shares of the company’s stock after selling 1,947 shares during the period. First Mercantile Trust Co.’s holdings in 8×8 were worth $652,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. bought a new stake in shares of 8×8 during the second quarter valued at approximately $13,186,000. Caledonia Private Investments Pty Ltd acquired a new position in 8×8 during the second quarter worth approximately $10,665,000. Bank of Montreal Can acquired a new position in 8×8 during the second quarter worth approximately $9,671,000. FMR LLC raised its position in 8×8 by 30.8% in the second quarter. FMR LLC now owns 2,751,890 shares of the company’s stock worth $40,205,000 after buying an additional 647,995 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in 8×8 by 52.6% in the second quarter. UBS Asset Management Americas Inc. now owns 1,681,756 shares of the company’s stock worth $24,570,000 after buying an additional 579,448 shares in the last quarter. 70.93% of the stock is owned by institutional investors and hedge funds.
8×8 Inc. (NASDAQ:EGHT) traded up 2.01% during mid-day trading on Friday, reaching $15.20. 140,428 shares of the company were exchanged. The stock’s market capitalization is $1.38 billion. The company’s 50 day moving average price is $14.60 and its 200-day moving average price is $14.05. 8×8 Inc. has a 12 month low of $9.01 and a 12 month high of $15.89.
8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.03. 8×8 had a negative net margin of 1.39% and a negative return on equity of 0.35%. The firm had revenue of $63.20 million for the quarter, compared to the consensus estimate of $14.39 million. During the same period in the prior year, the firm posted $0.03 EPS. The firm’s revenue was up 24.2% compared to the same quarter last year. On average, equities analysts expect that 8×8 Inc. will post $0.20 earnings per share for the current fiscal year.
A number of research firms have commented on EGHT. Zacks Investment Research lowered shares of 8×8 from a “buy” rating to a “hold” rating in a research note on Friday, October 21st. B. Riley restated a “neutral” rating and issued a $14.00 price objective on shares of 8×8 in a research note on Thursday, October 27th. Finally, Robert W. Baird began coverage on shares of 8×8 in a research note on Thursday, August 25th. They issued a “neutral” rating and a $15.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. 8×8 has a consensus rating of “Buy” and a consensus target price of $16.00.
8×8 Company Profile
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.