Portolan Capital Management Lowers stake in 8×8 (EGHT)

8×8 (EGHT) : Portolan Capital Management reduced its stake in 8×8 by 33.01% during the most recent quarter end. The investment management company now holds a total of 1,667,996 shares of 8×8 which is valued at $19.2 Million after selling 821,755 shares in 8×8 , the firm said in a disclosure report filed with the SEC on May 13, 2016.8×8 makes up approximately 2.64% of Portolan Capital Management’s portfolio.

Other Hedge Funds, Including , State Of Tennessee Treasury Department boosted its stake in EGHT in the latest quarter, The investment management firm added 1,672 additional shares and now holds a total of 70,972 shares of 8×8 which is valued at $817,597. Engineers Gate Manager Lp sold out all of its stake in EGHT during the most recent quarter. The investment firm sold 47,234 shares of EGHT which is valued $544,136.Russell Frank Co boosted its stake in EGHT in the latest quarter, The investment management firm added 436,907 additional shares and now holds a total of 1,149,477 shares of 8×8 which is valued at $13 Million. 8×8 makes up approx 0.02% of Russell Frank Co’s portfolio.Aperio Group boosted its stake in EGHT in the latest quarter, The investment management firm added 806 additional shares and now holds a total of 11,492 shares of 8×8 which is valued at $130,319.

8×8 closed down -0.31 points or -2.44% at $12.39 with 7,68,645 shares getting traded on Wednesday. Post opening the session at $12.71, the shares hit an intraday low of $12.34 and an intraday high of $12.85 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, 8×8 reported $0.03 EPS for the quarter, based on the information available during the earnings call on May 19, 2016. Analyst had a consensus estimate of $0.03. The company had revenue of $57.33 million for the quarter, compared to analysts expectations of $54.40 million. The company’s revenue was up 31.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS.

Many Wall Street Analysts have commented on 8×8. Company shares were Reiterated by Dougherty & Company on May 20, 2016 to “Buy”, Firm has raised the Price Target to $ 15 from a previous price target of $14 .

8×8 Inc. (8×8) offers Software as a Service (SaaS) communication solution. The Company is engaged in business cloud communications and development and use of Internet protocol voice video and data communication technologies in a true SaaS model. The 8×8 unified cloud communications solution addresses the shortcomings of legacy and point solution cloud services through its pure cloud Software as a Service offering. The Company’s Infrastructure Manager abstracts complex global interconnectivity between Voice over Internet Protocol (VoIP) and traditional public switched telephone network (PSTN) providing customers with a phone system that can reach any phone in the world whether wireless or wireline. Its Integration Manager integrates with third-party applications including Salesforce.com Microsoft Dynamics NetSuite Zendesk and many others to provide integrated applications functionality within its communications and collaboration services.

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