8x8, Inc. (NASDAQ:EGHT - Get Free Report) major shareholder Sylebra Capital Llc sold 101,678 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $2.23, for a total transaction of $226,741.94. Following the completion of the transaction, the insider now directly owns 14,085,649 shares in the company, valued at $31,410,997.27. This represents a 0.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more 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 value of $107,000.00.
- On Wednesday, March 19th, Sylebra Capital Llc sold 100,000 shares of 8X8 stock. The stock was sold at an average price of $2.23, for a total value of $223,000.00.
8X8 Stock Performance
Shares of NASDAQ:EGHT traded down $0.12 during trading on Friday, hitting $1.99. The stock had a trading volume of 1,061,168 shares, compared to its average volume of 1,014,675. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8x8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52. The stock has a 50-day simple moving average of $2.58 and a two-hundred day simple moving average of $2.52. The stock has a market capitalization of $262.07 million, a price-to-earnings ratio of -5.53, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78.
8X8 (NASDAQ:EGHT - Get Free Report) 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 return on equity of 1.45% and a negative net margin of 6.33%. On average, equities research analysts expect that 8x8, Inc. will post 0.04 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of EGHT. Victory Capital Management Inc. raised its holdings in 8X8 by 138.2% in the 3rd quarter. Victory Capital Management Inc. now owns 76,273 shares of the company's stock worth $156,000 after purchasing an additional 44,255 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of 8X8 by 0.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company's stock worth $1,386,000 after acquiring an additional 4,145 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of 8X8 during the third quarter worth $49,000. Charles Schwab Investment Management Inc. lifted its stake in shares of 8X8 by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company's stock worth $2,731,000 after buying an additional 23,731 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in 8X8 in the 3rd quarter valued at about $108,000. Institutional investors and hedge funds own 93.99% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have commented on EGHT shares. Mizuho downgraded shares of 8X8 from a "neutral" rating to an "underperform" rating and cut their target price for the company from $2.75 to $2.50 in a research report on Friday, December 13th. StockNews.com lowered 8X8 from a "strong-buy" rating to a "buy" rating in a report on Wednesday, February 5th. Rosenblatt Securities cut their price target on 8X8 from $3.50 to $3.30 and set a "buy" rating on the stock in a report on Monday, February 3rd. Morgan Stanley upped their price objective on 8X8 from $2.00 to $2.60 and gave the stock an "underweight" rating in a research note on Wednesday, December 18th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a research note on Saturday, March 22nd. 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 presently has an average rating of "Hold" and a consensus target price of $2.99.
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8X8 Company Profile
(
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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.
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