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 the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00. Following the sale, the insider now directly owns 14,289,476 shares of the company’s stock, valued at $31,865,531.48. This represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

8X8 Price Performance

NASDAQ:EGHT traded down $0.04 during trading hours on Friday, reaching $2.15. The company had a trading volume of 355,181 shares, compared to its average volume of 1,003,409. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The stock has a 50-day moving average of $2.64 and a two-hundred day moving average of $2.50. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.52. The firm has a market capitalization of $282.48 million, a PE ratio of -5.96, a PEG 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 earnings per share (EPS) for the quarter, beating 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%. Analysts forecast that 8×8, Inc. will post 0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on EGHT. Morgan Stanley upped their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities reduced their price objective on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday, February 3rd. Needham & Company LLC raised their price objective on 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research note on Friday, March 7th. Finally, StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Three 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’s stock. According to MarketBeat.com, 8X8 currently has a consensus rating of “Hold” and a consensus target price of $2.99.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EGHT. B. Riley Financial Inc. bought a new stake in shares of 8X8 during the third quarter worth $1,997,000. Arrowstreet Capital Limited Partnership bought a new stake in 8X8 during the 4th quarter worth about $2,126,000. Invenomic Capital Management LP lifted its position in 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after purchasing an additional 524,580 shares during the period. Renaissance Technologies LLC boosted its stake in shares of 8X8 by 1,101.0% in the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock valued at $1,177,000 after purchasing an additional 404,077 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of 8X8 by 39.2% during the fourth quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock worth $3,254,000 after buying an additional 343,400 shares during the last quarter. Institutional investors own 93.99% of the company’s stock.

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.