Sylebra Capital Llc Sells 100,000 Shares of 8x8, Inc. (NASDAQ:EGHT) 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 on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total value of $223,000.00. Following the sale, the insider now owns 14,289,476 shares of the company's stock, valued at approximately $31,865,531.48. The trade was a 0.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

8X8 Stock Up 3.7 %

Shares of NASDAQ:EGHT traded up $0.08 during trading on Monday, hitting $2.24. 1,220,206 shares of the company's stock traded hands, compared to its average volume of 994,826. The company has a 50-day moving average price of $2.63 and a 200-day moving average price of $2.51. 8x8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52. 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 company has a market cap of $294.99 million, a price-to-earnings ratio of -6.22, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its quarterly earnings data 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%. As a group, research analysts forecast that 8x8, Inc. will post 0.04 EPS for the current fiscal year.

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Institutional Trading of 8X8

A number of institutional investors have recently modified their holdings of the company. B. Riley Financial Inc. acquired a new stake in 8X8 in the 3rd quarter valued at approximately $1,997,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of 8X8 in the fourth quarter valued at approximately $2,126,000. Invenomic Capital Management LP lifted its position in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company's stock worth $11,278,000 after purchasing an additional 524,580 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in 8X8 by 1,101.0% during 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 grew its position in 8X8 by 39.2% in the fourth 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 in the last quarter. 93.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

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.