8×8, Inc. (NYSE:EGHT) Shares Acquired by Waddell & Reed Financial Inc.

Waddell & Reed Financial Inc. grew its stake in 8×8, Inc. (NYSE:EGHT) by 59.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 3,167,976 shares of the technology company’s stock after purchasing an additional 1,187,093 shares during the period. Waddell & Reed Financial Inc.’s holdings in 8X8 were worth $76,348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of 8X8 by 0.6% in the 2nd quarter. BlackRock Inc. now owns 14,122,984 shares of the technology company’s stock valued at $340,364,000 after buying an additional 86,824 shares during the period. Vanguard Group Inc. lifted its holdings in shares of 8X8 by 25.0% in the 2nd quarter. Vanguard Group Inc. now owns 10,021,329 shares of the technology company’s stock valued at $241,514,000 after buying an additional 2,002,790 shares during the period. Point72 Asset Management L.P. lifted its holdings in shares of 8X8 by 1.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,776,468 shares of the technology company’s stock valued at $115,113,000 after buying an additional 87,685 shares during the period. First Trust Advisors LP lifted its holdings in shares of 8X8 by 7.2% in the 1st quarter. First Trust Advisors LP now owns 4,375,246 shares of the technology company’s stock valued at $88,380,000 after buying an additional 295,759 shares during the period. Finally, Sylebra Capital Ltd lifted its holdings in shares of 8X8 by 2,849.6% in the 2nd quarter. Sylebra Capital Ltd now owns 4,238,543 shares of the technology company’s stock valued at $102,149,000 after buying an additional 4,094,842 shares during the period. 87.49% of the stock is owned by institutional investors and hedge funds.

In other 8X8 news, CEO Vikram Verma purchased 4,200 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price 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 can be accessed through this link. 3.00% of the stock is owned by insiders.



Shares of 8X8 stock traded up $0.46 on Wednesday, hitting $23.16. The company’s stock had a trading volume of 56,179 shares, compared to its average volume of 963,539. The company has a debt-to-equity ratio of 1.00, a quick ratio of 4.02 and a current ratio of 4.02. 8×8, Inc. has a 1 year low of $15.13 and a 1 year high of $26.67. The firm has a fifty day moving average price of $24.06 and a 200-day moving average price of $23.38. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -33.57 and a beta of 0.79.

8X8 (NYSE:EGHT) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported ($0.14) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.15. 8X8 had a negative return on equity of 34.10% and a negative net margin of 29.41%. The firm had revenue of $96.68 million during the quarter, compared to analyst estimates of $95.88 million. During the same quarter in the previous year, the business earned ($0.04) EPS. 8X8’s revenue for the quarter was up 16.2% compared to the same quarter last year. As a group, analysts forecast that 8×8, Inc. will post -1.1 EPS for the current year.

Several equities analysts have recently issued reports on EGHT shares. Bank of America boosted their price objective on 8X8 from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Morgan Stanley boosted their price objective on 8X8 from $26.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Dougherty & Co raised 8X8 from a “neutral” rating to a “buy” rating in a report on Wednesday, July 31st. Stifel Nicolaus set a $30.00 price objective on 8X8 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, B. Riley cut 8X8 from a “neutral” rating to a “sell” rating and boosted their price objective for the company from $17.50 to $18.50 in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $26.19.

8X8 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.

See Also: Capital Gains

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Institutional Ownership by Quarter for 8X8 (NYSE:EGHT)

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