Penn Capital Management Company LLC Invests $639,000 in 8×8 Inc $EGHT

Penn Capital Management Company LLC purchased a new stake in 8×8 Inc (NASDAQ:EGHT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 373,520 shares of the company’s stock, valued at approximately $639,000. Penn Capital Management Company LLC owned approximately 0.26% of 8X8 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC acquired a new position in shares of 8X8 in the first quarter valued at approximately $25,000. Heron Bay Capital Management acquired a new stake in 8X8 during the 2nd quarter worth approximately $25,000. Legal & General Group Plc bought a new stake in 8X8 during the 2nd quarter worth approximately $26,000. Prelude Capital Management LLC bought a new stake in 8X8 during the 3rd quarter worth approximately $26,000. Finally, CIBC Bancorp USA Inc. acquired a new position in 8X8 in the 3rd quarter valued at approximately $30,000. 93.99% of the stock is owned by institutional investors.

Insider Transactions at 8X8

In related news, Director Elizabeth Harriet Theophille sold 20,207 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $1.81, for a total transaction of $36,574.67. Following the sale, the director owned 167,086 shares in the company, valued at $302,425.66. This represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin Kraus sold 34,329 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $2.32, for a total value of $79,643.28. Following the sale, the chief financial officer owned 958,324 shares in the company, valued at approximately $2,223,311.68. The trade was a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.13% of the stock is owned by insiders.

8X8 Stock Down 1.0%

Shares of NASDAQ EGHT opened at $1.99 on Friday. The company’s 50 day moving average price is $1.96 and its 200-day moving average price is $2.04. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.05 and a current ratio of 1.05. 8×8 Inc has a 52-week low of $1.57 and a 52-week high of $2.88. The company has a market capitalization of $287.44 million, a P/E ratio of 49.76, a price-to-earnings-growth ratio of 1.37 and a beta of 1.83.

8X8 (NASDAQ:EGHT) last released its earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.05. The business had revenue of $190.17 million for the quarter, compared to analyst estimates of $182.47 million. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. Equities analysts forecast that 8×8 Inc will post 0.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on EGHT shares. B. Riley Financial reiterated a “buy” rating and set a $3.25 price target (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Weiss Ratings upgraded 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $3.00 target price on shares of 8X8 in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $3.12.

8X8 Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.