8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sells $226,741.94 in Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 101,678 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $2.23, for a total transaction of $226,741.94. Following the transaction, the insider now owns 14,085,649 shares in the company, valued at $31,410,997.27. The trade was a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Sylebra Capital Llc also recently made the following trade(s):

• On Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The shares were sold at an average price of $2.14, for a total value of $107,000.00.
• On Wednesday, March 19th, Sylebra Capital Llc sold 100,000 shares of 8X8 stock. The stock was sold at an average price of $2.23, for a total value of $223,000.00.

8X8 Price Performance

Shares of EGHT stock opened at $1.99 on Friday. The firm has a market capitalization of $262.07 million, a price-to-earnings ratio of -5.53, a PEG ratio of 6.08 and a beta of 1.78. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The stock’s 50-day simple moving average is $2.58 and its 200-day simple moving average is $2.52. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. As a group, equities analysts forecast that 8×8, Inc. will post 0.04 earnings per share for the current fiscal year.

Institutional Trading of 8X8

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

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, March 22nd. Barclays lifted their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Morgan Stanley upped their target price on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Needham & Company LLC increased their price objective on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.99.

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.