Sylebra Capital Llc Sells 101,678 Shares of 8x8, Inc. (NASDAQ:EGHT) Stock

8x8, Inc. (NASDAQ:EGHT - Get Free Report) major shareholder Sylebra Capital Llc sold 101,678 shares of the business's stock in a transaction on Monday, March 24th. The shares were 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 owns 14,085,649 shares of the company's stock, valued at approximately $31,410,997.27. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more 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 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 Price Performance

NASDAQ EGHT traded down $0.03 during trading hours on Monday, reaching $1.97. 321,948 shares of the company's stock were exchanged, compared to its average volume of 1,012,105. 8x8, Inc. has a one year low of $1.51 and a one year high of $3.52. The stock has a market cap of $258.78 million, a PE ratio of -5.46, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. 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 moving average of $2.58 and a 200-day moving average of $2.53.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on EGHT. Mizuho lowered 8X8 from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Barclays lifted their target price on 8X8 from $2.50 to $3.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. StockNews.com cut 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 5th. Needham & Company LLC raised their target price 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. Finally, Rosenblatt Securities cut their price objective on 8X8 from $3.50 to $3.30 and set a "buy" rating for the company in a research report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2.99.

Institutional Investors Weigh In On 8X8

Institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its position in 8X8 by 89.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,980 shares of the company's stock worth $75,000 after purchasing an additional 13,184 shares during the period. Mackenzie Financial Corp boosted its position in 8X8 by 89.4% during the fourth quarter. Mackenzie Financial Corp now owns 239,052 shares of the company's stock valued at $638,000 after acquiring an additional 112,820 shares during the last quarter. Two Sigma Advisers LP lifted 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 acquiring an additional 343,400 shares during the period. Two Sigma Investments LP increased its holdings in shares of 8X8 by 49.2% during the fourth quarter. Two Sigma Investments LP now owns 1,014,048 shares of the company's stock valued at $2,708,000 after acquiring an additional 334,348 shares in the last quarter. Finally, State of Wyoming boosted its stake in 8X8 by 64.6% during the 4th quarter. State of Wyoming now owns 250,725 shares of the company's stock valued at $669,000 after purchasing an additional 98,425 shares during the last quarter. Institutional investors own 93.99% of the company's stock.

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.