Insider Selling: 8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sells 50,000 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 50,000 shares of the firm’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00. Following the transaction, the insider now directly owns 14,187,327 shares of the company’s stock, valued at $30,360,879.78. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% 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 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 value of $223,000.00.

8X8 Stock Performance

Shares of EGHT stock opened at $2.22 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The firm has a fifty day simple moving average of $2.62 and a two-hundred day simple moving average of $2.52. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52. The firm has a market capitalization of $292.36 million, a PE ratio of -6.17, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. Analysts forecast that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Morgan Stanley upped their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Rosenblatt Securities dropped their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday. Finally, Needham & Company LLC boosted their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned 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

A number of hedge funds have recently bought and sold shares of the company. B. Riley Financial Inc. purchased a new position in 8X8 during the third quarter worth about $1,997,000. Arrowstreet Capital Limited Partnership bought a new position in shares of 8X8 in the fourth quarter valued at approximately $2,126,000. Invenomic Capital Management LP increased its position in shares of 8X8 by 10.5% during the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after acquiring an additional 524,580 shares during the last quarter. Renaissance Technologies LLC boosted its position in 8X8 by 1,101.0% in the fourth quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after purchasing an additional 404,077 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of 8X8 by 39.2% during the 4th 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 last quarter. 93.99% of the stock is owned by hedge funds and other 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.