Insider Selling: 8X8 (NASDAQ:EGHT) Director Sells $36,574.67 in Stock

8×8 Inc (NASDAQ:EGHT) Director Elizabeth Harriet Theophille sold 20,207 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $1.81, for a total value of $36,574.67. Following the transaction, the director directly owned 167,086 shares of the company’s stock, valued at $302,425.66. This trade represents a 10.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

8X8 Stock Down 6.1%

NASDAQ:EGHT opened at $1.85 on Friday. 8×8 Inc has a twelve month low of $1.56 and a twelve month high of $2.88. The firm has a market capitalization of $262.29 million, a price-to-earnings ratio of 92.55, a price-to-earnings-growth ratio of 1.42 and a beta of 1.84. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.93. The stock’s 50 day moving average price is $1.91 and its two-hundred day moving average price is $2.01.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Zacks Research lowered shares of 8X8 from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Weiss Ratings raised shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research report on Thursday, June 4th. Finally, Rosenblatt Securities boosted their price objective on shares of 8X8 from $2.75 to $3.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.45.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in 8X8 by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company’s stock valued at $29,453,000 after purchasing an additional 317,196 shares during the last quarter. Boston Partners increased its holdings in shares of 8X8 by 7.9% in the third quarter. Boston Partners now owns 8,582,614 shares of the company’s stock valued at $18,192,000 after purchasing an additional 625,479 shares during the last quarter. Bank of America Corp DE raised its position in shares of 8X8 by 31.9% in the third quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock valued at $13,217,000 after purchasing an additional 1,506,586 shares during the period. AQR Capital Management LLC raised its position in shares of 8X8 by 14.9% in the fourth quarter. AQR Capital Management LLC now owns 3,408,703 shares of the company’s stock valued at $6,715,000 after purchasing an additional 441,157 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of 8X8 by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 3,310,912 shares of the company’s stock worth $6,524,000 after buying an additional 23,300 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.