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

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

8X8 Stock Down 0.9 %

Shares of NASDAQ EGHT opened at $2.16 on Friday. The company has a market capitalization of $284.46 million, a price-to-earnings ratio of -6.00, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The business has a 50-day moving average of $2.63 and a two-hundred day moving average of $2.50. 8×8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.52.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share 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%. On average, analysts forecast that 8×8, Inc. will post 0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on EGHT shares. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Barclays boosted their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Morgan Stanley boosted their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. StockNews.com cut 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Finally, Needham & Company LLC boosted their target price on 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 issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.99.

Institutional Trading of 8X8

Several institutional investors and hedge funds have recently made changes to their positions in EGHT. GSA Capital Partners LLP purchased a new stake in shares of 8X8 in the 3rd quarter valued at about $332,000. Victory Capital Management Inc. raised its stake in 8X8 by 138.2% during the 3rd quarter. Victory Capital Management Inc. now owns 76,273 shares of the company’s stock valued at $156,000 after acquiring an additional 44,255 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in 8X8 by 0.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock valued at $1,386,000 after acquiring an additional 4,145 shares during the last quarter. Intech Investment Management LLC purchased a new stake in 8X8 during the 3rd quarter valued at approximately $49,000. Finally, Charles Schwab Investment Management Inc. raised its stake in 8X8 by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after acquiring an additional 23,731 shares during the last quarter. 93.99% of the stock is owned by hedge funds and other institutional investors.

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.