Meridian Growth Fund: “8×8 (EGHT) Stock is Attractively Valued”

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund outperformed its benchmark index, the Russell 2500 Growth Index, and returned -22.24% net at the end of the second quarter. The firm’s investment strategy prioritizes risk management over potential returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds discussed stocks like 8×8, Inc. (NYSE:EGHT) in the second quarter investor letter. Headquartered in Campbell, California, 8×8, Inc. (NYSE:EGHT) offers voice, video, chat, contact center and enterprise-class application programmable interface (API) Software-as-a-Service. On September 14, 2022, 8×8, Inc. (NYSE:EGHT) stock closed at $4.5900 per share. One-month return of 8×8, Inc. (NYSE:EGHT) was -7.65% and its shares lost 81.04% of their value over the last 52 weeks. 8×8, Inc. (NYSE:EGHT) has a market capitalization of $501.549 million.

Here is what Meridian Funds specifically said about 8×8, Inc. (NYSE:EGHT) in its Q2 2022 investor letter:

“8×8, Inc. (NYSE:EGHT) is a cloud communications provider that offers businesses a unified voice, contact center, video, and chat platform. The company hired a new CEO in late 2020 who has since refocused the company on areas of the market where 8×8 has competitive advantages and the potential to earn higher margins. In conjunction with this change in strategy, the company exited low-growth and low-margin product lines, which has led to what we believe is a temporary slowdown in revenue growth. A recent acquisition that decreased 8×8’s cash position also weighed on investor sentiment. We believe the company will overcome these short-term issues and that, at its current price, the stock is attractively valued. We are willing to be patient as the company works through these setbacks and trimmed our position in the stock during the period.”

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8×8, Inc. (NYSE:EGHT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held 8×8, Inc. (NYSE:EGHT) at the end of the second quarter which was 22 in the previous quarter.

We discussed 8×8, Inc. (NYSE:EGHT) in another article and shared the top stock picks of Daniel Patrick Gibson’s Sylebra Capital Management. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.