8×8, Inc. (NYSE:EGHT) Shares Purchased by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in 8×8, Inc. (NYSE:EGHTGet Rating) by 11.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,911 shares of the technology company’s stock after buying an additional 2,390 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in 8X8 were worth $82,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. First Trust Advisors LP increased its holdings in shares of 8X8 by 10.4% during the first quarter. First Trust Advisors LP now owns 24,019 shares of the technology company’s stock valued at $302,000 after purchasing an additional 2,268 shares during the period. Prudential Financial Inc. increased its holdings in shares of 8X8 by 2.2% during the first quarter. Prudential Financial Inc. now owns 123,113 shares of the technology company’s stock valued at $1,550,000 after purchasing an additional 2,630 shares during the period. Captrust Financial Advisors increased its holdings in shares of 8X8 by 832.8% during the first quarter. Captrust Financial Advisors now owns 2,985 shares of the technology company’s stock valued at $38,000 after purchasing an additional 2,665 shares during the period. Mutual of America Capital Management LLC increased its holdings in shares of 8X8 by 16.6% during the second quarter. Mutual of America Capital Management LLC now owns 19,874 shares of the technology company’s stock valued at $102,000 after purchasing an additional 2,823 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in shares of 8X8 by 13.3% during the first quarter. Envestnet Asset Management Inc. now owns 26,524 shares of the technology company’s stock valued at $334,000 after purchasing an additional 3,106 shares during the period. 94.22% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EGHT. Northland Securities lowered their price target on 8X8 to $8.00 in a report on Tuesday, November 1st. Needham & Company LLC lowered their target price on 8X8 from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Friday, October 28th. Wells Fargo & Company lowered their target price on 8X8 from $5.00 to $4.00 and set an “underweight” rating on the stock in a report on Friday, October 28th. Barclays lowered their target price on 8X8 from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, October 28th. Finally, Mizuho lowered their target price on 8X8 from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Friday, October 28th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $7.15.

8X8 Stock Up 7.3 %

NYSE:EGHT opened at $4.71 on Tuesday. The company has a debt-to-equity ratio of 6.09, a current ratio of 1.56 and a quick ratio of 1.56. 8×8, Inc. has a 1-year low of $2.87 and a 1-year high of $16.28. The firm has a market cap of $526.05 million, a price-to-earnings ratio of -4.32 and a beta of 1.36. The company has a fifty day moving average of $4.41.

8X8 (NYSE:EGHTGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The technology company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.06. 8X8 had a negative return on equity of 69.23% and a negative net margin of 17.78%. The firm had revenue of $187.39 million during the quarter, compared to analyst estimates of $186.55 million. During the same period last year, the company posted ($0.33) EPS. The business’s quarterly revenue was up 23.6% compared to the same quarter last year. Equities analysts predict that 8×8, Inc. will post -0.67 earnings per share for the current year.

About 8X8

(Get Rating)

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.

Featured Articles

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

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.