8×8, Inc. (NYSE:EGHT) Shares Purchased by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund lifted its position in 8×8, Inc. (NYSE:EGHT) by 3.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,736 shares of the technology company’s stock after purchasing an additional 1,400 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in 8X8 were worth $727,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in EGHT. Municipal Employees Retirement System of Michigan raised its stake in shares of 8X8 by 2.0% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 30,390 shares of the technology company’s stock worth $556,000 after buying an additional 600 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in 8X8 by 2.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 36,700 shares of the technology company’s stock valued at $760,000 after purchasing an additional 800 shares in the last quarter. Texas Permanent School Fund increased its stake in 8X8 by 1.4% in the 4th quarter. Texas Permanent School Fund now owns 68,555 shares of the technology company’s stock valued at $1,255,000 after purchasing an additional 976 shares in the last quarter. New York State Teachers Retirement System increased its stake in 8X8 by 0.7% in the 3rd quarter. New York State Teachers Retirement System now owns 175,621 shares of the technology company’s stock valued at $3,639,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Mason Street Advisors LLC increased its stake in 8X8 by 4.9% in the 3rd quarter. Mason Street Advisors LLC now owns 33,714 shares of the technology company’s stock valued at $699,000 after purchasing an additional 1,573 shares in the last quarter. 89.34% of the stock is owned by hedge funds and other institutional investors.

In related news, CEO Vikram Verma purchased 5,825 shares of the company’s stock in a transaction on Friday, December 13th. The stock was bought at an average price of $16.95 per share, with a total value of $98,733.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.00% of the company’s stock.

8X8 stock opened at $20.17 on Friday. The company has a debt-to-equity ratio of 1.70, a quick ratio of 2.49 and a current ratio of 2.49. The stock has a fifty day moving average of $19.75 and a two-hundred day moving average of $20.69. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of -13.10 and a beta of 0.58. 8×8, Inc. has a fifty-two week low of $16.62 and a fifty-two week high of $26.67.

8X8 (NYSE:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The technology company reported ($0.17) earnings per share for the quarter, hitting the consensus estimate of ($0.17). The company had revenue of $118.57 million during the quarter, compared to the consensus estimate of $114.11 million. 8X8 had a negative return on equity of 49.59% and a negative net margin of 35.94%. 8X8’s revenue was up 31.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) earnings per share. On average, analysts forecast that 8×8, Inc. will post -1.31 EPS for the current fiscal year.

Several equities analysts recently weighed in on the company. Stephens reaffirmed a “buy” rating and issued a $27.00 price objective on shares of 8X8 in a research note on Tuesday, February 4th. Summit Insights raised 8X8 from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Morgan Stanley downgraded 8X8 from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $28.00 to $23.00 in a research note on Monday, January 13th. Rosenblatt Securities reaffirmed a “hold” rating and issued a $21.00 price objective on shares of 8X8 in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Co assumed coverage on 8X8 in a research note on Monday, January 27th. They issued an “equal weight” rating and a $20.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company’s stock. 8X8 has an average rating of “Hold” and a consensus price target of $23.96.

About 8X8

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.

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

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