Virtu Financial LLC Acquires New Shares in 8×8, Inc. (NASDAQ:EGHT)

Virtu Financial LLC bought a new position in 8×8, Inc. (NASDAQ:EGHT) in the third quarter, HoldingsChannel reports. The institutional investor bought 17,792 shares of the company’s stock, valued at approximately $36,000.

Several other hedge funds have also recently modified their holdings of EGHT. Barclays PLC increased its holdings in 8X8 by 198.8% in the 3rd quarter. Barclays PLC now owns 216,123 shares of the company’s stock worth $440,000 after buying an additional 143,791 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after acquiring an additional 237,181 shares during the last quarter. XTX Topco Ltd grew its stake in shares of 8X8 by 487.9% in the third quarter. XTX Topco Ltd now owns 130,490 shares of the company’s stock worth $266,000 after acquiring an additional 108,293 shares during the period. Jane Street Group LLC raised its holdings in shares of 8X8 by 18.6% during the third quarter. Jane Street Group LLC now owns 178,674 shares of the company’s stock valued at $364,000 after purchasing an additional 28,030 shares during the last quarter. Finally, Invenomic Capital Management LP lifted its position in 8X8 by 10.5% during the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after purchasing an additional 524,580 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. B. Riley reaffirmed a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Morgan Stanley increased their target price on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday. Wells Fargo & Company raised their target price on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Finally, Barclays upped their price target on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, 8X8 has a consensus rating of “Hold” and an average price target of $2.87.

8X8 Stock Performance

Shares of EGHT opened at $2.72 on Friday. The business has a 50-day simple moving average of $2.67 and a two-hundred day simple moving average of $2.35. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.92. The stock has a market cap of $355.40 million, a price-to-earnings ratio of -4.95, a PEG ratio of 26.98 and a beta of 1.63.

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

8X8 Company Profile

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.