8X8 (EGHT) Shares Down 5.6% After Earnings Miss

8×8, Inc. (NASDAQ:EGHT) traded down 5.6% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $22.00 and last traded at $22.41. 1,330,421 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 1,293,164 shares. The stock had previously closed at $23.73.

The technology company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.01). The business had revenue of $93.80 million for the quarter, compared to analysts’ expectations of $92.98 million. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.03) EPS.

EGHT has been the topic of several research reports. Guggenheim initiated coverage on shares of 8X8 in a research note on Monday, March 11th. They issued a “neutral” rating and a $20.00 price objective on the stock. Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. BidaskClub upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Tuesday, February 12th. Needham & Company LLC dropped their price target on shares of 8X8 from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, January 30th. Finally, Rosenblatt Securities restated a “buy” rating and set a $22.50 price target on shares of 8X8 in a research note on Thursday, January 31st. Six research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $23.27.

In other news, EVP Dejan Deklich sold 36,136 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $22.06, for a total transaction of $797,160.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jefferies Group LLC bought a new position in shares of 8X8 during the 1st quarter worth about $606,000. Wellington Management Group LLP lifted its holdings in shares of 8X8 by 7.2% during the 1st quarter. Wellington Management Group LLP now owns 1,316,725 shares of the technology company’s stock worth $26,598,000 after acquiring an additional 88,046 shares during the period. Geode Capital Management LLC lifted its holdings in shares of 8X8 by 10.1% during the 1st quarter. Geode Capital Management LLC now owns 1,135,766 shares of the technology company’s stock worth $22,942,000 after acquiring an additional 103,856 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of 8X8 by 5.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 547,791 shares of the technology company’s stock worth $11,066,000 after acquiring an additional 26,781 shares during the period. Finally, Westfield Capital Management Co. LP lifted its holdings in shares of 8X8 by 19.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,271,710 shares of the technology company’s stock worth $25,689,000 after acquiring an additional 208,570 shares during the period. 71.56% of the stock is owned by institutional investors and hedge funds.

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8X8 Company Profile (NASDAQ:EGHT)

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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