8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sells $368,000.00 in Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 200,000 shares of the business’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $1.84, for a total transaction of $368,000.00. Following the completion of the transaction, the insider now owns 13,885,649 shares in the company, valued at $25,549,594.16. This represents a 1.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Sylebra Capital Llc also recently made the following trade(s):

• On Thursday, June 12th, Sylebra Capital Llc sold 103,826 shares of 8X8 stock. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54.
• On Monday, March 24th, Sylebra Capital Llc sold 101,678 shares of 8X8 stock. The shares were sold at an average price of $2.23, for a total transaction of $226,741.94.
• On Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00.
• On Wednesday, March 19th, Sylebra Capital Llc sold 100,000 shares of 8X8 stock. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00.

8X8 Stock Performance

Shares of EGHT opened at $1.74 on Friday. The company’s fifty day moving average is $1.73 and its 200-day moving average is $2.32. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.52. The firm has a market cap of $233.99 million, a price-to-earnings ratio of -4.83, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08.

Analysts Set New Price Targets

EGHT has been the topic of several research reports. Rosenblatt Securities reiterated a “buy” rating and set a $2.70 price objective on shares of 8X8 in a research note on Tuesday, May 20th. Morgan Stanley dropped their price objective on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research note on Wednesday. Mizuho dropped their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 15th. Finally, B. Riley reiterated a “buy” rating and set a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Three investment 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. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.51.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Cerity Partners LLC raised its holdings in 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock worth $73,000 after acquiring an additional 2,983 shares during the period. Picton Mahoney Asset Management raised its holdings in 8X8 by 53.6% in the 4th 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 during the period. Rhumbline Advisers raised its holdings in 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after acquiring an additional 8,100 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 8X8 by 14.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company’s stock worth $195,000 after acquiring an additional 9,093 shares during the period. Finally, Federated Hermes Inc. raised its holdings in 8X8 by 1.5% in the 4th quarter. Federated Hermes Inc. now owns 623,453 shares of the company’s stock worth $1,665,000 after acquiring an additional 9,114 shares during the period. Institutional investors own 93.99% of the company’s stock.

About 8X8

8×8, 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.