Insider Selling: 8x8, Inc. (NASDAQ:EGHT) Major Shareholder Sells 100,000 Shares of Stock

8x8, Inc. (NASDAQ:EGHT - Get Free Report) major shareholder Sylebra Capital Llc sold 100,000 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total transaction 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company's shares 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 value of $107,000.00.

8X8 Price Performance

8X8 stock traded down $0.01 during midday trading on Tuesday, hitting $2.24. The company's stock had a trading volume of 138,611 shares, compared to its average volume of 994,822. 8x8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The company has a market capitalization of $294.34 million, a PE ratio of -6.21, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The stock's 50-day moving average price is $2.62 and its 200-day moving average price is $2.52.

8X8 (NASDAQ:EGHT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (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 anticipate that 8x8, Inc. will post 0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Rosenblatt Securities lowered their target price on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating for the company in a research note on Monday, February 3rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Saturday. Mizuho lowered 8X8 from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. StockNews.com downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Wednesday, February 5th. Finally, Needham & Company LLC upped their target price on shares of 8X8 from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $2.99.

Institutional Trading of 8X8

Several large investors have recently added to or reduced their stakes in EGHT. B. Riley Financial Inc. acquired a new position in shares of 8X8 in the 3rd quarter valued at about $1,997,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of 8X8 during the 4th quarter valued at $2,126,000. Invenomic Capital Management LP grew its holdings in shares of 8X8 by 10.5% during the 3rd 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 in the last quarter. Renaissance Technologies LLC increased its stake in shares of 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 acquiring an additional 404,077 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake 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 worth $3,254,000 after purchasing an additional 343,400 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

8X8 Company Profile

8x8, 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.