Principal Financial Group Inc. raised its stake in shares of 8×8 Inc. (NASDAQ:EGHT) by 4.5% during the second quarter, Holdings Channel reports. The institutional investor owned 645,645 shares of the company’s stock after buying an additional 27,753 shares during the period. Principal Financial Group Inc. owned about 0.72% of 8×8 worth $9,433,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in the stock. Bayesian Capital Management LP purchased a new stake in shares of 8×8 during the first quarter worth about $150,000. Fox Run Management L.L.C. purchased a new stake in shares of 8×8 during the second quarter worth about $171,000. Teacher Retirement System of Texas raised its stake in shares of 8×8 by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 12,426 shares of the company’s stock worth $182,000 after buying an additional 1,506 shares during the period. Pacad Investment Ltd. purchased a new stake in shares of 8×8 during the first quarter worth about $239,000. Finally, Bailard Inc. purchased a new stake in shares of 8×8 during the second quarter worth about $304,000. 72.03% of the stock is currently owned by institutional investors.
8×8 Inc. (NASDAQ:EGHT) opened at 14.47 on Monday. The company’s 50-day moving average is $14.48 and its 200-day moving average is $13.28. 8×8 Inc. has a 12 month low of $8.80 and a 12 month high of $15.67. The stock’s market capitalization is $1.30 billion.
8×8 (NASDAQ:EGHT) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.03. The company had revenue of $60 million for the quarter, compared to the consensus estimate of $57.97 million. 8×8 had a negative net margin of 2.34% and a negative return on equity of 0.89%. Equities research analysts forecast that 8×8 Inc. will post $0.20 EPS for the current year.
A number of brokerages have issued reports on EGHT. B. Riley reissued a “neutral” rating and issued a $14.00 price target on shares of 8×8 in a report on Friday, July 15th. Summit Redstone reissued a “buy” rating and issued a $17.00 price target on shares of 8×8 in a report on Thursday, June 30th. Dougherty & Co raised their price target on shares of 8×8 from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. Needham & Company LLC raised their price target on shares of 8×8 from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, July 22nd. Finally, Zacks Investment Research lowered shares of 8×8 from a “hold” rating to a “sell” rating in a report on Thursday, July 28th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. 8×8 has an average rating of “Buy” and an average target price of $14.86.
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.