Prospect Capital Advisors Lowers stake in 8×8 (EGHT)

8×8 (EGHT) : Prospect Capital Advisors reduced its stake in 8×8 by 2.32% during the most recent quarter end. The investment management company now holds a total of 458,100 shares of 8×8 which is valued at $6,198,093 after selling 10,900 shares in 8×8 , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.8×8 makes up approximately 5.08% of Prospect Capital Advisors’s portfolio.

Other Hedge Funds, Including , Jane Street Group boosted its stake in EGHT in the latest quarter, The investment management firm added 8,510 additional shares and now holds a total of 19,219 shares of 8×8 which is valued at $260,033.California Public Employees Retirement System reduced its stake in EGHT by selling 8,400 shares or 2.66% in the most recent quarter. The Hedge Fund company now holds 307,000 shares of EGHT which is valued at $4,129,150. 8×8 makes up approx 0.01% of California Public Employees Retirement System’s portfolio.

8×8 opened for trading at $13.24 and hit $13.48 on the upside on Thursday, eventually ending the session at $13.37, with a gain of 0.75% or 0.1 points. The heightened volatility saw the trading volume jump to 5,91,125 shares. Company has a market cap of $1,199 M.

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. Robert W. Baird Initiated 8×8 on Aug 26, 2016 to “Neutral”, Price Target of the shares are set at $15.Company shares were Reiterated by Needham on Jul 22, 2016 to “Buy”, Firm has raised the Price Target to $ 17 from a previous price target of $15 .Company shares were Reiterated by Dougherty & Company on Jul 19, 2016 to “Buy”, Firm has raised the Price Target to $ 18 from a previous price target of $15 .

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 Microsoft Dynamics NetSuite Zendesk and many others to provide integrated applications functionality within its communications and collaboration services.

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