8×8, Inc. (NASDAQ:EGHT) Stake Increased by Geode Capital Management LLC
Geode Capital Management LLC lifted its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 12.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,031,910 shares of the technology company’s stock after buying an additional 117,337 shares during the quarter. Geode Capital Management LLC’s holdings in 8X8 were worth $18,614,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of 8X8 by 2.6% during the fourth quarter. BlackRock Inc. now owns 13,871,736 shares of the technology company’s stock worth $250,249,000 after buying an additional 346,326 shares in the last quarter. Polar Capital LLP grew its position in shares of 8X8 by 64.9% during the fourth quarter. Polar Capital LLP now owns 2,516,926 shares of the technology company’s stock worth $45,405,000 after buying an additional 990,845 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of 8X8 by 22.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,795,968 shares of the technology company’s stock worth $32,400,000 after buying an additional 326,785 shares in the last quarter. Northern Trust Corp grew its position in shares of 8X8 by 1.8% during the fourth quarter. Northern Trust Corp now owns 1,258,142 shares of the technology company’s stock worth $22,698,000 after buying an additional 22,213 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of 8X8 during the fourth quarter worth approximately $19,179,000. 71.56% of the stock is owned by institutional investors and hedge funds.
Shares of EGHT opened at $24.62 on Thursday. 8×8, Inc. has a 12-month low of $15.13 and a 12-month high of $25.09.
EGHT has been the subject of a number of recent analyst reports. Guggenheim assumed coverage on shares of 8X8 in a research report on Monday, March 11th. They set a “neutral” rating and a $20.00 price target for the company. Bank of America raised their price objective on 8X8 from $23.00 to $25.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 15th. BidaskClub cut 8X8 from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Rosenblatt Securities restated a “buy” rating and set a $22.50 price objective on shares of 8X8 in a research note on Monday, March 25th. Finally, Stephens restated a “buy” rating and set a $27.00 price objective on shares of 8X8 in a research note on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. 8X8 currently has an average rating of “Hold” and a consensus target price of $23.27.
In other 8X8 news, EVP Dejan Deklich sold 36,136 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $22.06, for a total value of $797,160.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company 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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