Kornitzer Capital Management Inc. KS increased its position in 8×8, Inc. (NASDAQ:EGHT) by 7.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,193,764 shares of the technology company’s stock after acquiring an additional 86,849 shares during the quarter. Kornitzer Capital Management Inc. KS owned about 1.24% of 8X8 worth $28,770,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Buffington Mohr McNeal bought a new position in 8X8 in the 1st quarter worth $28,000. Steward Partners Investment Advisory LLC bought a new position in 8X8 in the 2nd quarter worth $72,000. Financial Counselors Inc. bought a new position in 8X8 in the 1st quarter worth $207,000. Everence Capital Management Inc. bought a new position in 8X8 in the 1st quarter worth $286,000. Finally, Amalgamated Bank bought a new position in 8X8 in the 4th quarter worth $260,000. Hedge funds and other institutional investors own 71.56% of the company’s stock.
NASDAQ EGHT traded up $0.36 during midday trading on Tuesday, hitting $25.21. The company had a trading volume of 25,574 shares, compared to its average volume of 1,330,785. The stock has a fifty day moving average of $24.73. 8×8, Inc. has a fifty-two week low of $15.13 and a fifty-two week high of $26.67.
In other 8X8 news, CEO Vikram Verma bought 4,200 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were acquired at an average cost of $23.54 per share, for a total transaction of $98,868.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.40% of the company’s stock.
Several brokerages recently commented on EGHT. Stifel Nicolaus set a $30.00 target price on shares of 8X8 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Rosenblatt Securities reiterated a “neutral” rating and issued a $27.00 target price (up previously from $22.50) on shares of 8X8 in a report on Wednesday, July 24th. Needham & Company LLC lifted their target price on shares of 8X8 from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Morgan Stanley lifted their target price on shares of 8X8 from $26.00 to $28.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Bank of America raised their price target on shares of 8X8 from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $26.11.
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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