8×8, Inc. (EGHT) Holdings Cut by Los Angeles Capital Management & Equity Research Inc.

Los Angeles Capital Management & Equity Research Inc. trimmed its position in 8×8, Inc. (NASDAQ:EGHT) by 86.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 14,455 shares of the technology company’s stock after selling 93,150 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in 8X8 were worth $261,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. grew its position in 8X8 by 2.6% in the 4th quarter. BlackRock Inc. now owns 13,871,736 shares of the technology company’s stock worth $250,249,000 after purchasing an additional 346,326 shares in the last quarter. Vanguard Group Inc. grew its position in 8X8 by 35.6% in the 3rd quarter. Vanguard Group Inc. now owns 7,425,058 shares of the technology company’s stock worth $157,783,000 after purchasing an additional 1,950,763 shares in the last quarter. Vanguard Group Inc grew its position in 8X8 by 35.6% in the 3rd quarter. Vanguard Group Inc now owns 7,425,058 shares of the technology company’s stock worth $157,783,000 after purchasing an additional 1,950,763 shares in the last quarter. FMR LLC grew its position in 8X8 by 127.1% in the 3rd quarter. FMR LLC now owns 2,534,871 shares of the technology company’s stock worth $53,865,000 after purchasing an additional 1,418,840 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in 8X8 by 22.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,795,968 shares of the technology company’s stock worth $32,400,000 after purchasing an additional 326,785 shares in the last quarter. 71.56% of the stock is owned by institutional investors and hedge funds.

EGHT has been the subject of a number of research reports. BidaskClub raised shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Thursday. Rosenblatt Securities initiated coverage on shares of 8X8 in a research report on Thursday, December 20th. They set a “buy” rating and a $24.00 target price for the company. Needham & Company LLC reduced their target price on shares of 8X8 from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, January 30th. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Thursday, January 24th. Finally, Guggenheim initiated coverage on shares of 8X8 in a research report on Monday, March 11th. They set a “neutral” rating and a $20.00 target price for the company. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $22.72.

8X8 stock opened at $20.19 on Friday. 8×8, Inc. has a twelve month low of $15.13 and a twelve month high of $23.50.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Tuesday, January 29th. The technology company reported ($0.06) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). The business had revenue of $89.91 million during the quarter, compared to the consensus estimate of $88.57 million.

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8X8 Profile

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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Institutional Ownership by Quarter for 8X8 (NASDAQ:EGHT)

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