Insider Selling: 8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sells $226,741.94 in Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $2.23, for a total transaction of $226,741.94. Following the completion of the transaction, the insider now directly owns 14,085,649 shares in the company, valued at approximately $31,410,997.27. The trade was a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more 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 transaction 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 NASDAQ EGHT opened at $1.99 on Friday. The company has a market cap of $262.07 million, a P/E ratio of -5.53, a P/E/G 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. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The firm’s fifty day moving average is $2.58 and its two-hundred day moving average is $2.52.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) 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 anticipate that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Barclays boosted their price target on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Morgan Stanley boosted their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Rosenblatt Securities lowered their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a report on Monday, February 3rd. Needham & Company LLC upped their price target on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, March 22nd. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.99.

Hedge Funds Weigh In On 8X8

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

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.