Vanguard Group Inc lifted its holdings in 8×8, Inc. (NASDAQ:EGHT) by 35.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,425,058 shares of the technology company’s stock after acquiring an additional 1,950,763 shares during the quarter. Vanguard Group Inc owned 0.08% of 8X8 worth $157,783,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Putnam Investments LLC acquired a new stake in shares of 8X8 in the second quarter worth $10,301,000. PEAK6 Investments LLC acquired a new stake in shares of 8X8 in the third quarter worth $767,000. OppenheimerFunds Inc. acquired a new stake in shares of 8X8 in the second quarter worth $201,000. Schwab Charles Investment Management Inc. increased its stake in shares of 8X8 by 5.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 480,638 shares of the technology company’s stock worth $9,637,000 after acquiring an additional 23,993 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of 8X8 by 45.1% in the third quarter. JPMorgan Chase & Co. now owns 136,986 shares of the technology company’s stock worth $2,910,000 after acquiring an additional 42,563 shares during the period. Hedge funds and other institutional investors own 71.56% of the company’s stock.
Shares of NASDAQ EGHT opened at $19.99 on Friday. 8×8, Inc. has a 1 year low of $14.45 and a 1 year high of $23.50.
A number of analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of 8X8 from a “hold” rating to a “sell” rating in a research note on Tuesday. BidaskClub lowered shares of 8X8 from a “buy” rating to a “hold” rating in a research note on Thursday, October 11th. Rosenblatt Securities initiated coverage on shares of 8X8 in a report on Thursday, December 20th. They set a “buy” rating and a $24.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $23.00 price target (down from $25.00) on shares of 8X8 in a report on Tuesday, October 30th. Finally, Bank of America set a $23.00 price target on shares of 8X8 and gave the stock a “hold” rating in a report on Tuesday, October 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $23.11.
In other 8X8 news, Director Ian Potter sold 1,690 shares of the stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $18.35, for a total transaction of $31,011.50. Following the transaction, the director now directly owns 97,354 shares of the company’s stock, valued at $1,786,445.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Vikram Verma acquired 5,730 shares of the firm’s stock in a transaction on Thursday, November 1st. The shares were bought at an average cost of $17.09 per share, for a total transaction of $97,925.70. The disclosure for this purchase can be found here. Corporate insiders own 4.40% of the company’s stock.
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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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