Insider Selling: 8×8, Inc. (NASDAQ:EGHT) Insider Sells 10,000 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the sale, the insider now owns 233,791 shares in the company, valued at approximately $701,373. The trade was a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

8X8 Price Performance

NASDAQ:EGHT traded up $0.11 during midday trading on Tuesday, hitting $2.97. The company had a trading volume of 2,800,940 shares, compared to its average volume of 1,008,224. The company has a market capitalization of $391.12 million, a PE ratio of -8.25, a P/E/G ratio of 24.40 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.41. The stock’s fifty day moving average price is $2.78 and its 200-day moving average price is $2.43.

8X8 (NASDAQ:EGHT) last announced 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 return on equity of 1.45% and a negative net margin of 6.33%. As a group, research analysts expect that 8×8, Inc. will post 0.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

EGHT has been the topic of several analyst reports. Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their target price on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Morgan Stanley boosted their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Barclays increased their price objective on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Finally, B. Riley restated a “buy” rating and set a $4.00 target price (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, 8X8 has a consensus rating of “Hold” and an average price target of $2.99.

Institutional Investors Weigh In On 8X8

Hedge funds have recently made changes to their positions in the business. Pallas Capital Advisors LLC bought a new position in shares of 8X8 during the 4th quarter valued at $29,000. Wealth Enhancement Advisory Services LLC purchased a new stake in 8X8 during the third quarter valued at about $30,000. Picton Mahoney Asset Management grew its stake in shares of 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after buying an additional 3,876 shares during the last quarter. Cibc World Markets Corp purchased a new position in shares of 8X8 in the fourth quarter worth about $32,000. Finally, Virtu Financial LLC bought a new stake in shares of 8X8 in the 3rd quarter valued at about $36,000. 93.99% of the stock is currently owned by institutional investors.

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.