8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sylebra Capital Llc Sells 100,000 Shares

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 100,000 shares of 8X8 stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total transaction of $223,000.00. Following the completion of the sale, the insider now directly owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.16 on Friday. The company has a 50 day moving average of $2.63 and a 200 day moving average of $2.51. The stock has a market cap of $284.46 million, a P/E ratio of -6.00, a P/E/G ratio of 6.08 and a beta of 1.78. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 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%. As a group, sell-side analysts forecast that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On 8X8

A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. B. Riley Financial Inc. purchased a new position in 8X8 in the 3rd quarter worth approximately $1,997,000. Arrowstreet Capital Limited Partnership purchased a new position in 8X8 in the 4th quarter worth approximately $2,126,000. Invenomic Capital Management LP grew its stake in 8X8 by 10.5% in the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after buying an additional 524,580 shares in the last quarter. Renaissance Technologies LLC grew its stake in 8X8 by 1,101.0% in the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after buying an additional 404,077 shares in the last quarter. Finally, Two Sigma Advisers LP grew its stake in 8X8 by 39.2% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on EGHT shares. Barclays lifted their target price on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Rosenblatt Securities reduced their target price 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. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research note on Friday, March 7th. Finally, Needham & Company LLC lifted their target price on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2.99.

About 8X8

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.