Impax Asset Management Group plc Reduces Stock Position in 8×8, Inc. (NASDAQ:EGHT)

Impax Asset Management Group plc cut its holdings in 8×8, Inc. (NASDAQ:EGHT) by 19.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,693,434 shares of the company’s stock after selling 636,566 shares during the quarter. Impax Asset Management Group plc’s holdings in 8X8 were worth $5,495,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of 8X8 by 5.2% in the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after purchasing an additional 561,436 shares during the last quarter. Boston Partners grew its stake in 8X8 by 473.2% in the 1st quarter. Boston Partners now owns 3,722,710 shares of the company’s stock worth $10,029,000 after acquiring an additional 3,073,230 shares during the period. Invenomic Capital Management LP grew its stake in 8X8 by 27.5% in the 1st quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock worth $7,152,000 after acquiring an additional 571,245 shares during the period. Acadian Asset Management LLC grew its stake in 8X8 by 188.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after acquiring an additional 1,279,145 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in 8X8 by 10.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after acquiring an additional 145,606 shares during the period. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.81 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26. The firm has a market capitalization of $367.16 million, a price-to-earnings ratio of -5.11, a PEG ratio of 24.74 and a beta of 1.54. The firm’s fifty day simple moving average is $2.12 and its 200 day simple moving average is $2.29. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.92.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same quarter in the previous year, the business posted $0.02 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. As a group, equities research analysts expect that 8×8, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on EGHT shares. B. Riley reaffirmed a “buy” rating and issued a $4.00 target price (down from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Mizuho boosted their price objective on shares of 8X8 from $2.50 to $2.75 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Needham & Company LLC lowered their price objective on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Barclays boosted their price objective on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Wedbush raised shares of 8X8 to a “hold” rating in a research note on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.82.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.