Investors Purchase High Volume of 8X8 Call Options (EGHT)

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8×8, Inc. (NASDAQ:EGHT) was the target of some unusual options trading activity on Tuesday. Investors bought 885 call options on the stock. This represents an increase of 1,509% compared to the typical volume of 55 call options.

Shares of NASDAQ:EGHT opened at $19.02 on Thursday. 8X8 has a 52-week low of $12.00 and a 52-week high of $23.50.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, July 26th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The company had revenue of $83.20 million during the quarter, compared to the consensus estimate of $81.02 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.02 earnings per share. Equities research analysts expect that 8X8 will post -0.12 earnings per share for the current fiscal year.

Several research analysts have commented on EGHT shares. BidaskClub downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. B. Riley boosted their price objective on shares of 8X8 from $16.00 to $22.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of 8X8 in a research report on Friday, July 27th. Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. Finally, William Blair started coverage on shares of 8X8 in a research report on Wednesday, October 10th. They set an “outperform” rating for the company. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $23.25.

In other 8X8 news, SVP Darren J. Hakeman sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $23.25, for a total transaction of $186,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.40% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in EGHT. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in shares of 8X8 during the second quarter worth $108,000. PNC Financial Services Group Inc. grew its stake in shares of 8X8 by 352.1% in the first quarter. PNC Financial Services Group Inc. now owns 7,831 shares of the technology company’s stock worth $147,000 after purchasing an additional 6,099 shares during the last quarter. OppenheimerFunds Inc. bought a new stake in shares of 8X8 in the second quarter worth $201,000. Laurion Capital Management LP bought a new stake in shares of 8X8 in the second quarter worth $215,000. Finally, Sei Investments Co. grew its stake in shares of 8X8 by 85.9% in the first quarter. Sei Investments Co. now owns 13,003 shares of the technology company’s stock worth $243,000 after purchasing an additional 6,010 shares during the last quarter. Institutional investors own 71.56% of the company’s stock.

About 8X8

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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