8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sells 101,678 Shares

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the completion of the sale, the insider now directly owns 14,085,649 shares of the company’s stock, valued at $31,410,997.27. This trade represents a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Sylebra Capital Llc also recently made the following trade(s):

• On Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00.
• 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 transaction of $223,000.00.

8X8 Stock Down 0.9 %

8X8 stock traded down $0.02 during mid-day trading on Wednesday, reaching $2.20. 630,385 shares of the company’s stock were exchanged, compared to its average volume of 992,695. The company has a fifty day moving average of $2.61 and a 200-day moving average of $2.52. The company has a market cap of $289.73 million, a P/E ratio of -6.11, a P/E/G ratio of 6.08 and a beta of 1.78. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8×8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.52.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping 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%. Sell-side analysts expect that 8×8, Inc. will post 0.04 EPS for the current year.

Institutional Trading of 8X8

Several hedge funds have recently added to or reduced their stakes in the company. B. Riley Financial Inc. acquired a new position in 8X8 during the 3rd quarter worth approximately $1,997,000. Arrowstreet Capital Limited Partnership acquired a new stake in 8X8 in the fourth quarter valued at $2,126,000. Invenomic Capital Management LP lifted its holdings in 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after buying an additional 524,580 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after acquiring an additional 404,077 shares in the last quarter. Finally, Two Sigma Advisers LP increased its holdings in shares of 8X8 by 39.2% in the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock valued at $3,254,000 after acquiring an additional 343,400 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Ratings Changes

EGHT has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research report on Saturday. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $2.75 to $2.50 in a research report on Friday, December 13th. Morgan Stanley upped their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Rosenblatt Securities dropped their target price on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday, February 3rd. Finally, Needham & Company LLC boosted their target price on 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.99.

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.