8×8, Inc. (EGHT) Shares Bought by PNC Financial Services Group Inc.

Saturday, June 30 2018

8×8, Inc. (EGHT) Shares Bought by PNC Financial Services Group Inc.

Posted by John McFee on Jun 30th, 2018 // No Comments
PNC Financial Services Group Inc. boosted its stake in shares of 8×8, Inc. (NASDAQ:EGHT) by 352.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 7,831 shares of the technology company’s stock after acquiring an additional 6,099 shares during the period. PNC Financial Services Group Inc.’s holdings in 8X8 were worth $147,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in 8X8 by 33.1% during the first quarter. JPMorgan Chase & Co. now owns 250,359 shares of the technology company’s stock worth $4,670,000 after acquiring an additional 62,274 shares during the period. BlackRock Inc. raised its position in 8X8 by 1.9% during the first quarter. BlackRock Inc. now owns 11,470,212 shares of the technology company’s stock worth $213,920,000 after acquiring an additional 214,628 shares during the period. Northern Trust Corp raised its position in 8X8 by 1.8% during the first quarter. Northern Trust Corp now owns 1,144,406 shares of the technology company’s stock worth $21,342,000 after acquiring an additional 20,536 shares during the period. Thompson Siegel & Walmsley LLC acquired a new position in 8X8 during the first quarter worth $410,000. Finally, Thrivent Financial for Lutherans raised its position in 8X8 by 8.6% during the first quarter. Thrivent Financial for Lutherans now owns 61,995 shares of the technology company’s stock worth $1,156,000 after acquiring an additional 4,909 shares during the period. Institutional investors own 71.56% of the company’s stock. Get 8X8 alerts:
Shares of 8X8 opened at $20.05 on Friday, according to MarketBeat.com . 8×8, Inc. has a 52 week low of $10.30 and a 52 week high of $23.05. 8X8 (NASDAQ:EGHT) last issued its earnings results on Thursday, May 24th. The technology company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The business had revenue of $79.30 million during the quarter, compared to analysts’ expectations of $76.97 million. During the same period in the prior year, the business earned $0.05 earnings per share. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. sell-side analysts forecast that 8×8, Inc. will post -0.12 EPS for the current fiscal year.
In other news, CEO Vikram Verma acquired 7,700 shares of the company’s stock in a transaction that occurred on Wednesday, May 30th. The stock was purchased at an average price of $18.21 per share, with a total value of $140,217.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website . Corporate insiders own 4.40% of the company’s stock.
A number of equities analysts have weighed in on the stock. Morgan Stanley set a $24.00 price objective on shares of 8X8 and gave the stock a “buy” rating in a research report on Friday, April 27th. William Blair reiterated a “hold” rating on shares of 8X8 in a research report on Wednesday, May 16th. BidaskClub upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, April 20th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price (up from $19.00) on shares of 8X8 in a research report on Friday, March 16th. Finally, Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Tuesday, March 27th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. 8X8 currently has a consensus rating of “Buy” and an average price target of $20.00.
8X8 Company 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. Receive News & Ratings for 8X8 analysts' ratings for 8X8 and related companies daily email newsletter .