Insider Selling: 8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sells $107,000.00 in Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 50,000 shares of 8X8 stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00. Following the transaction, the insider now owns 14,187,327 shares in the company, valued at $30,360,879.78. This represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, March 24th, Sylebra Capital Llc sold 101,678 shares of 8X8 stock. The stock was sold at an average price of $2.23, for a total value of $226,741.94.
• 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 NASDAQ EGHT opened at $2.20 on Thursday. The stock has a market cap of $289.73 million, a price-to-earnings ratio of -6.11, a PEG ratio of 6.08 and a beta of 1.78. The company has a 50 day simple moving average of $2.61 and a two-hundred day simple moving average of $2.52. 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 announced 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, analysts predict that 8×8, Inc. will post 0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

EGHT has been the topic of a number of analyst reports. Barclays lifted their price objective on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, March 22nd. Mizuho cut shares of 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. Needham & Company LLC lifted their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.99.

Hedge Funds Weigh In On 8X8

Several institutional investors and hedge funds have recently bought and sold shares of EGHT. Wealth Enhancement Advisory Services LLC boosted its stake in 8X8 by 89.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company’s stock worth $75,000 after buying an additional 13,184 shares during the period. Mackenzie Financial Corp increased its holdings in 8X8 by 89.4% during the 4th quarter. Mackenzie Financial Corp now owns 239,052 shares of the company’s stock worth $638,000 after purchasing an additional 112,820 shares during the period. Two Sigma Advisers LP raised its holdings in 8X8 by 39.2% in the fourth quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock valued at $3,254,000 after acquiring an additional 343,400 shares in the last quarter. Two Sigma Investments LP raised its stake in 8X8 by 49.2% in the fourth quarter. Two Sigma Investments LP now owns 1,014,048 shares of the company’s stock valued at $2,708,000 after buying an additional 334,348 shares in the last quarter. Finally, State of Wyoming raised its position in shares of 8X8 by 64.6% during the 4th quarter. State of Wyoming now owns 250,725 shares of the company’s stock worth $669,000 after acquiring an additional 98,425 shares in the last quarter. 93.99% of the stock is currently 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.