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 business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the sale, the insider now directly owns 233,791 shares of the company’s stock, valued at approximately $701,373. This represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

8X8 Stock Up 10.1 %

NASDAQ EGHT opened at $3.27 on Thursday. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.18 and a current ratio of 1.25. The firm has a 50-day simple moving average of $2.78 and a 200 day simple moving average of $2.43. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.41. The stock has a market cap of $430.64 million, a PE ratio of -9.08, a PEG 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 EPS for the quarter, topping analysts’ consensus estimates 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, research analysts forecast that 8×8, Inc. will post 0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Barclays increased their price objective on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Needham & Company LLC upped their target price on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Morgan Stanley boosted their target price on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Finally, Rosenblatt Securities cut their target price on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2.99.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in 8X8 by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company’s stock worth $8,077,000 after purchasing an additional 41,929 shares during the period. Franklin Resources Inc. lifted its stake in 8X8 by 14.3% during the fourth quarter. Franklin Resources Inc. now owns 281,757 shares of the company’s stock worth $752,000 after purchasing an additional 35,217 shares during the period. O Shaughnessy Asset Management LLC bought a new position in 8X8 during the fourth quarter worth about $34,000. Arrowstreet Capital Limited Partnership bought a new position in 8X8 during the fourth quarter worth about $2,126,000. Finally, Heron Bay Capital Management bought a new position in 8X8 during the fourth quarter worth about $69,000. 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.