Assenagon Asset Management S.A. Has $77,000 Stake in 8×8, Inc. (NASDAQ:EGHT)

Assenagon Asset Management S.A. lowered its stake in 8×8, Inc. (NASDAQ:EGHT) by 18.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,536 shares of the company’s stock after selling 8,454 shares during the period. Assenagon Asset Management S.A.’s holdings in 8X8 were worth $77,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in 8X8 by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock worth $30,912,000 after acquiring an additional 561,436 shares during the period. Boston Partners increased its stake in shares of 8X8 by 473.2% in the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after purchasing an additional 3,073,230 shares during the period. Invenomic Capital Management LP lifted its position in shares of 8X8 by 27.5% during the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after purchasing an additional 571,245 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after buying an additional 1,279,145 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of 8X8 by 10.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock valued at $3,294,000 after acquiring an additional 145,606 shares during the period. Institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EGHT. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday. Barclays decreased their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Rosenblatt Securities dropped 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. B. Riley reaffirmed a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Finally, Needham & Company LLC dropped their price objective on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.67.

8X8 Trading Up 5.5 %

Shares of NASDAQ EGHT opened at $2.32 on Tuesday. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.92. The stock has a market cap of $297.73 million, a price-to-earnings ratio of -4.64 and a beta of 1.54. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The company’s fifty day moving average is $1.96 and its 200-day moving average is $2.26.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative net margin of 8.65% and a negative return on equity of 6.51%. The company had revenue of $172.80 million during the quarter, compared to analyst estimates of $178.90 million. During the same quarter last year, the company earned ($0.04) EPS. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. Equities research analysts predict that 8×8, Inc. will post -0.09 EPS for the current year.

8X8 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.