Insider Selling: 8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sells $223,000.00 in Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the completion of the transaction, the insider now owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This trade represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

8X8 Stock Down 0.9 %

Shares of NASDAQ:EGHT opened at $2.16 on Monday. The firm has a 50 day simple moving average of $2.63 and a 200-day simple moving average of $2.51. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The company has a market capitalization of $284.46 million, a PE ratio of -6.00, a P/E/G ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, equities analysts predict that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on EGHT. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Morgan Stanley raised their target price on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Barclays boosted their price target on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Rosenblatt Securities reduced their price objective on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday, February 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research note on Saturday. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, 8X8 currently has a consensus rating of “Hold” and a consensus price target of $2.99.

Institutional Trading of 8X8

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pallas Capital Advisors LLC acquired a new position in 8X8 during the fourth quarter worth approximately $29,000. Picton Mahoney Asset Management grew its position in shares of 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after acquiring an additional 3,876 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of 8X8 in the 4th quarter valued at $30,000. Cibc World Markets Corp acquired a new position in shares of 8X8 in the 4th quarter valued at $32,000. Finally, O Shaughnessy Asset Management LLC purchased a new stake in 8X8 in the 4th quarter valued at $34,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.