S Squared Technology LLC Has $1.84 Million Stake in 8×8 Inc $EGHT

S Squared Technology LLC trimmed its holdings in 8×8 Inc (NASDAQ:EGHT) by 34.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 934,236 shares of the company’s stock after selling 484,806 shares during the period. S Squared Technology LLC owned 0.67% of 8X8 worth $1,840,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in EGHT. Dynamic Technology Lab Private Ltd lifted its position in shares of 8X8 by 505.2% in the first quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company’s stock valued at $158,000 after buying an additional 66,070 shares during the last quarter. Geode Capital Management LLC lifted its holdings in 8X8 by 2.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,228,294 shares of the company’s stock worth $6,329,000 after purchasing an additional 84,176 shares during the last quarter. Cetera Investment Advisers acquired a new stake in 8X8 during the 2nd quarter worth approximately $55,000. JPMorgan Chase & Co. lifted its holdings in 8X8 by 33.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company’s stock worth $4,932,000 after purchasing an additional 628,024 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in 8X8 by 10.8% during the 2nd quarter. Rhumbline Advisers now owns 203,407 shares of the company’s stock worth $399,000 after purchasing an additional 19,813 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Stock Performance

NASDAQ:EGHT opened at $1.78 on Monday. The stock has a market cap of $251.32 million, a P/E ratio of 89.04, a PEG ratio of 1.29 and a beta of 1.83. The stock has a 50 day simple moving average of $2.06 and a 200 day simple moving average of $2.05. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.93. 8×8 Inc has a 1-year low of $1.57 and a 1-year high of $2.88.

Analyst Upgrades and Downgrades

EGHT has been the subject of several research reports. Rosenblatt Securities lifted their price target on 8X8 from $2.75 to $3.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Weiss Ratings raised 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. Finally, Zacks Research cut 8X8 from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, 8X8 currently has a consensus rating of “Hold” and a consensus target price of $2.45.

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.