8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sells 101,678 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 101,678 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $2.23, for a total transaction of $226,741.94. Following the transaction, the insider now directly owns 14,085,649 shares of the company’s stock, valued at $31,410,997.27. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The stock was 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 shares were sold at an average price of $2.23, for a total transaction of $223,000.00.

8X8 Stock Performance

Shares of EGHT opened at $2.11 on Friday. 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 business’s 50 day moving average is $2.60 and its two-hundred day moving average is $2.51. The firm has a market cap of $277.87 million, a price-to-earnings ratio of -5.86, a PEG ratio of 6.08 and a beta of 1.78. 8×8, Inc. has a 52-week low of $1.51 and a 52-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 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%. Analysts forecast that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EGHT. Morgan Stanley raised their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC increased their price target on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Rosenblatt Securities lowered their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research report on Monday, February 3rd. Finally, Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $2.75 to $2.50 in a research note 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 issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $2.99.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Cerity Partners LLC increased its position in 8X8 by 11.8% in the fourth quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock worth $73,000 after buying an additional 2,983 shares during the period. Picton Mahoney Asset Management boosted its stake in 8X8 by 53.6% during the 4th 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of 8X8 by 0.6% in the third 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 period. Rhumbline Advisers grew its stake in shares of 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after purchasing an additional 8,100 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 8X8 by 14.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company’s stock worth $195,000 after buying an additional 9,093 shares during the last quarter. 93.99% of the stock is 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.