Investors Purchase Large Volume of Call Options on 8X8 (EGHT)

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

NASDAQ EGHT opened at $18.95 on Wednesday. 8X8 has a 52-week low of $12.00 and a 52-week high of $23.50.

8X8 (NASDAQ:EGHT) last posted 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 firm had revenue of $83.20 million during the quarter, compared to analysts’ expectations of $81.02 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.02 earnings per share. As a group, research analysts forecast that 8X8 will post -0.12 earnings per share for the current fiscal year.

A number of equities research analysts have recently commented on the stock. BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, August 10th. Zacks Investment Research raised shares of 8X8 from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of 8X8 in a report on Friday, July 27th. Stifel Nicolaus started coverage on shares of 8X8 in a report on Wednesday, July 11th. They set a “buy” rating and a $25.00 price target for the company. Finally, B. Riley increased their price target on shares of 8X8 from $16.00 to $22.00 and gave the stock a “neutral” rating in a report on Monday, July 30th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $23.25.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Northern Trust Corp raised its holdings in 8X8 by 3.9% during the second quarter. Northern Trust Corp now owns 1,189,119 shares of the technology company’s stock worth $23,842,000 after purchasing an additional 44,713 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in 8X8 during the second quarter worth about $108,000. Putnam Investments LLC acquired a new position in 8X8 during the second quarter worth about $10,301,000. Ardsley Advisory Partners acquired a new position in 8X8 during the second quarter worth about $4,764,000. Finally, Cubist Systematic Strategies LLC acquired a new position in 8X8 during the second quarter worth about $493,000. 71.56% of the stock is owned by hedge funds and other institutional investors.

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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