8X8 (NASDAQ:EGHT) Director Sells 20,207 Shares of Stock

8×8 Inc (NASDAQ:EGHT) Director Elizabeth Harriet Theophille sold 20,207 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $1.81, for a total transaction of $36,574.67. Following the sale, the director owned 167,086 shares in the company, valued at $302,425.66. This trade represents a 10.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

8X8 Stock Up 3.2%

Shares of EGHT traded up $0.06 during mid-day trading on Tuesday, hitting $1.91. 2,024,015 shares of the company’s stock were exchanged, compared to its average volume of 1,780,738. The stock’s 50-day moving average is $1.92 and its 200-day moving average is $2.01. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.09 and a current ratio of 1.09. 8×8 Inc has a fifty-two week low of $1.56 and a fifty-two week high of $2.88. The company has a market cap of $270.80 million, a price-to-earnings ratio of 7.12, a P/E/G ratio of 1.34 and a beta of 1.84.

Wall Street Analyst Weigh In

Several research firms have commented on EGHT. Rosenblatt Securities boosted their price target on shares of 8X8 from $2.75 to $3.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. Zacks Research cut 8X8 from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Weiss Ratings upgraded 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, 8X8 presently has an average rating of “Hold” and a consensus target price of $2.45.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP increased its position in shares of 8X8 by 83.9% in the 4th quarter. GSA Capital Partners LLP now owns 555,042 shares of the company’s stock valued at $1,093,000 after purchasing an additional 253,192 shares during the last quarter. Nano Cap New Millennium Growth Fund L P purchased a new stake in shares of 8X8 during the 4th quarter worth $749,000. Man Group plc lifted its position in shares of 8X8 by 35.9% during the 2nd quarter. Man Group plc now owns 102,950 shares of the company’s stock worth $202,000 after purchasing an additional 27,192 shares during the last quarter. Cetera Investment Advisers acquired a new position in shares of 8X8 during the second quarter worth $55,000. Finally, IHT Wealth Management LLC grew its stake in shares of 8X8 by 25.0% during the fourth quarter. IHT Wealth Management LLC now owns 25,000 shares of the company’s stock worth $49,000 after purchasing an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

About 8X8

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.