Insider Selling: 8X8 (NASDAQ:EGHT) CFO Sells $79,643.28 in Stock

8×8 Inc (NASDAQ:EGHT) CFO Kevin Kraus sold 34,329 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $2.32, for a total value of $79,643.28. Following the completion of the sale, the chief financial officer directly owned 958,324 shares in the company, valued at $2,223,311.68. This represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

8X8 Stock Performance

EGHT stock opened at $2.01 on Thursday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $290.32 million, a price-to-earnings ratio of 50.26, a PEG ratio of 1.51 and a beta of 1.83. 8×8 Inc has a 1 year low of $1.57 and a 1 year high of $2.88. The stock’s fifty day moving average is $1.91 and its two-hundred day moving average is $2.04.

Hedge Funds Weigh In On 8X8

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in 8X8 by 2.3% during the third quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company’s stock worth $29,453,000 after buying an additional 317,196 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of 8X8 in the second quarter worth $20,624,000. Boston Partners grew its stake in 8X8 by 7.9% during the 3rd quarter. Boston Partners now owns 8,582,614 shares of the company’s stock valued at $18,192,000 after acquiring an additional 625,479 shares in the last quarter. Bank of America Corp DE grew its position in 8X8 by 31.9% during the third quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock valued at $13,217,000 after purchasing an additional 1,506,586 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of 8X8 by 14.9% during the 4th quarter. AQR Capital Management LLC now owns 3,408,703 shares of the company’s stock valued at $6,715,000 after acquiring an additional 441,157 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Rosenblatt Securities restated a “buy” rating and issued a $3.00 target price on shares of 8X8 in a research report on Wednesday, August 5th. Weiss Ratings raised 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. Finally, B. Riley Financial reiterated a “buy” rating and set a $3.25 price objective (up from $3.00) on shares of 8X8 in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.72.

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.