Sylebra Capital Llc Sells 103,826 Shares of 8×8, Inc. (NASDAQ:EGHT) Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 103,826 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the transaction, the insider now owns 13,781,823 shares of the company’s stock, valued at approximately $24,669,463.17. The trade was a 0.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% 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 Wednesday, June 11th, Sylebra Capital Llc sold 200,000 shares of 8X8 stock. The stock was sold at an average price of $1.84, for a total transaction of $368,000.00.
• On Monday, March 24th, Sylebra Capital Llc sold 101,678 shares of 8X8 stock. The stock was 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 stock was 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 stock was sold at an average price of $2.23, for a total transaction of $223,000.00.

8X8 Stock Performance

Shares of EGHT stock opened at $1.74 on Friday. 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 simple moving average of $1.73 and a two-hundred day simple moving average of $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 capitalization of $233.99 million, a PE ratio of -4.83, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in 8X8 by 3.1% during the first quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company’s stock worth $26,019,000 after buying an additional 393,478 shares during the last quarter. Boston Partners raised its holdings in 8X8 by 3.9% during the fourth quarter. Boston Partners now owns 6,644,856 shares of the company’s stock worth $17,742,000 after buying an additional 252,083 shares during the last quarter. Bank of America Corp DE raised its holdings in 8X8 by 7.0% during the fourth quarter. Bank of America Corp DE now owns 3,795,150 shares of the company’s stock worth $10,133,000 after buying an additional 249,798 shares during the last quarter. Geode Capital Management LLC raised its holdings in 8X8 by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company’s stock worth $8,077,000 after buying an additional 41,929 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings in 8X8 by 60.7% during the first quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company’s stock worth $5,201,000 after buying an additional 982,342 shares during the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Ratings Changes

EGHT has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Wednesday. Rosenblatt Securities restated a “buy” rating and set a $2.70 price target on shares of 8X8 in a report on Tuesday, May 20th. B. Riley reiterated a “buy” rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Mizuho lowered their price objective on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a research note on Tuesday, April 15th. Finally, Morgan Stanley lowered their price objective on shares of 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.51.

8X8 Company Profile

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.