Los Angeles Capital Management LLC Has $826,000 Stock Holdings in 8×8, Inc. (NASDAQ:EGHT)

Los Angeles Capital Management LLC decreased its position in shares of 8×8, Inc. (NASDAQ:EGHT) by 24.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 405,140 shares of the company’s stock after selling 133,320 shares during the period. Los Angeles Capital Management LLC’s holdings in 8X8 were worth $826,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of EGHT. Price T Rowe Associates Inc. MD lifted its holdings in shares of 8X8 by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock valued at $325,000 after buying an additional 4,255 shares during the last quarter. Creative Planning lifted its stake in 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company’s stock valued at $78,000 after acquiring an additional 5,453 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in 8X8 in the third quarter worth approximately $30,000. Dynamic Advisor Solutions LLC increased its stake in shares of 8X8 by 83.1% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after purchasing an additional 15,665 shares during the last quarter. Finally, Sei Investments Co. bought a new position in shares of 8X8 during the 2nd quarter valued at $44,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Down 2.1 %

Shares of EGHT stock opened at $2.81 on Friday. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.92. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a market cap of $367.16 million, a PE ratio of -5.07, a price-to-earnings-growth ratio of 24.74 and a beta of 1.54. The stock has a 50 day moving average of $2.12 and a 200-day moving average of $2.29.

8X8 (NASDAQ:EGHT) last released its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $181.00 million during the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.02 EPS. On average, equities analysts predict that 8×8, Inc. will post 0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on EGHT. Wells Fargo & Company upped their price objective on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a report on Tuesday, November 5th. B. Riley reissued a “buy” rating and set a $4.00 price objective (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Rosenblatt Securities reduced their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Needham & Company LLC lowered their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Mizuho boosted their price objective on shares of 8X8 from $2.50 to $2.75 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, 8X8 presently has an average rating of “Hold” and a consensus target price of $2.82.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.