Laurence Denny Sells 10,000 Shares of 8×8, Inc. (NASDAQ:EGHT) Stock

8×8, Inc. (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares in the company, valued at $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

8X8 Stock Up 3.8 %

8X8 stock opened at $2.97 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 1.18 and a debt-to-equity ratio of 3.08. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.41. The firm’s fifty day simple moving average is $2.78 and its 200-day simple moving average is $2.43. The company has a market capitalization of $391.12 million, a P/E ratio of -8.25, a P/E/G ratio of 24.40 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping 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%. Sell-side analysts forecast that 8×8, Inc. will post 0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday, October 17th. Barclays upped their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, February 1st. Wells Fargo & Company boosted their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Finally, StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, 8X8 has a consensus rating of “Hold” and an average price target of $2.99.

Institutional Investors Weigh In On 8X8

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management raised its position in shares of 8X8 by 53.6% in the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after purchasing an additional 3,876 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in 8X8 by 0.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after buying an additional 4,145 shares during the last quarter. Creative Planning raised its holdings in 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after acquiring an additional 5,453 shares during the period. Rhumbline Advisers lifted its position in 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after acquiring an additional 8,100 shares during the last quarter. Finally, Pallas Capital Advisors LLC bought a new stake in 8X8 during the fourth quarter valued at about $29,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Company Profile

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.