8x8, Inc. (NASDAQ:EGHT) Insider Laurence Denny Sells 10,000 Shares

8x8, Inc. (NASDAQ:EGHT - Get Free Report) insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.00, for a total transaction of $30,000.00. Following the transaction, the insider now directly owns 233,791 shares in the company, valued at approximately $701,373. This represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

8X8 Stock Performance

EGHT stock traded down $0.35 during midday trading on Friday, reaching $3.12. 1,370,717 shares of the company's stock traded hands, compared to its average volume of 914,121. The company has a 50-day moving average price of $2.79 and a two-hundred day moving average price of $2.44. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.18 and a current ratio of 1.25. 8x8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52. The firm has a market capitalization of $410.87 million, a PE ratio of -8.67, a price-to-earnings-growth ratio of 24.40 and a beta of 1.66.

8X8 (NASDAQ:EGHT - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, equities analysts anticipate that 8x8, Inc. will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Cerity Partners LLC grew its position in shares of 8X8 by 11.8% during the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock valued at $73,000 after purchasing an additional 2,983 shares in the last quarter. Picton Mahoney Asset Management grew its position in 8X8 by 53.6% in the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after acquiring an additional 3,876 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in 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 in the last quarter. Creative Planning grew its position in 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company's stock worth $78,000 after acquiring an additional 5,453 shares in the last quarter. Finally, Rhumbline Advisers grew its position in 8X8 by 5.2% in the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock worth $442,000 after acquiring an additional 8,100 shares in the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Morgan Stanley lifted their price target on shares of 8X8 from $2.00 to $2.60 and gave the stock an "underweight" rating in a report on Wednesday, December 18th. StockNews.com cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Wednesday, February 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Saturday, February 1st. Rosenblatt Securities lowered their price target on shares of 8X8 from $3.50 to $3.30 and set a "buy" rating on the stock in a report on Monday, February 3rd. Finally, Wells Fargo & Company lifted their price target on shares of 8X8 from $1.50 to $2.00 and gave the stock an "underweight" rating in a report on Tuesday, November 5th. Three 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.com, the company 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.