8×8, Inc. (NASDAQ:EGHT) Insider Sells $30,000.00 in Stock

8×8, Inc. (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the sale, the insider now directly owns 233,791 shares of the company’s stock, valued at approximately $701,373. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

8X8 Price Performance

Shares of EGHT stock opened at $3.27 on Thursday. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.41. The stock has a market cap of $430.64 million, a PE ratio of -9.08, a PEG ratio of 24.40 and a beta of 1.66. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.18 and a current ratio of 1.25. The firm’s 50 day moving average price is $2.78 and its two-hundred 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. As a group, analysts forecast that 8×8, Inc. will post 0.01 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on EGHT. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. StockNews.com lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Needham & Company LLC raised their price target on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a report on Wednesday, February 5th. Barclays raised their price target on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Wells Fargo & Company raised their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.99.

Hedge Funds Weigh In On 8X8

Hedge funds and other institutional investors have recently bought and sold shares of the business. Pallas Capital Advisors LLC bought a new position in 8X8 in the fourth quarter valued at approximately $29,000. Wealth Enhancement Advisory Services LLC bought a new position in 8X8 in the third quarter valued at approximately $30,000. Picton Mahoney Asset Management boosted its position 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 worth $30,000 after purchasing an additional 3,876 shares in the last quarter. Cibc World Markets Corp bought a new position in shares of 8X8 during the fourth quarter worth $32,000. Finally, O Shaughnessy Asset Management LLC bought a new position in shares of 8X8 during the fourth quarter worth $34,000. 93.99% of the stock is owned by 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.