Sylebra Capital Llc Sells 50,000 Shares of 8×8, Inc. (NASDAQ:EGHT) Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $2.14, for a total value of $107,000.00. Following the completion of the transaction, the insider now directly owns 14,187,327 shares in the company, valued at $30,360,879.78. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

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

8X8 Stock Performance

Shares of 8X8 stock opened at $2.22 on Wednesday. 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 cap of $292.36 million, a PE ratio of -6.17, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The company has a 50 day moving average of $2.62 and a 200-day moving average of $2.52. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.52.

8X8 (NASDAQ:EGHT) last released its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate 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 research analysts forecast that 8×8, Inc. will post 0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Barclays lifted their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Rosenblatt Securities dropped their price objective on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research note on Monday, February 3rd. Morgan Stanley increased their target price on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Finally, Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.99.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Boston Partners boosted its stake in shares of 8X8 by 3.9% in the 4th quarter. Boston Partners now owns 6,644,856 shares of the company’s stock valued at $17,742,000 after purchasing an additional 252,083 shares in the last quarter. Invenomic Capital Management LP boosted its position in 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares in the last quarter. Bank of America Corp DE boosted its position in 8X8 by 7.0% in the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company’s stock valued at $10,133,000 after buying an additional 249,798 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of 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 buying an additional 41,929 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in 8X8 by 4.8% in the 4th quarter. AQR Capital Management LLC now owns 1,772,844 shares of the company’s stock worth $4,733,000 after purchasing an additional 81,843 shares in 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.