8×8, Inc. (NASDAQ:EGHT) Insider Sells $30,000.00 in Stock

8×8, Inc. (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the transaction, the insider now owns 233,791 shares in the company, valued at $701,373. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

8X8 Stock Performance

Shares of EGHT stock opened at $3.47 on Friday. The firm has a market capitalization of $456.96 million, a PE ratio of -9.64, a price-to-earnings-growth ratio of 24.40 and a beta of 1.66. The firm has a fifty day simple moving average of $2.78 and a two-hundred day simple moving average of $2.44. The company has a current ratio of 1.25, a quick ratio of 1.18 and a debt-to-equity ratio of 3.08. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.50.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 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%. Analysts forecast that 8×8, Inc. will post 0.01 EPS for the current fiscal year.

Institutional Trading of 8X8

Several institutional investors have recently made changes to their positions in EGHT. B. Riley Financial Inc. bought a new stake in shares of 8X8 in the 3rd quarter worth $1,997,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of 8X8 in the 4th quarter worth $2,126,000. Invenomic Capital Management LP grew its stake in shares of 8X8 by 10.5% in the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after acquiring an additional 524,580 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of 8X8 by 1,101.0% in the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after acquiring an additional 404,077 shares in the last quarter. Finally, FMR LLC grew its stake in shares of 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after acquiring an additional 314,441 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

Analyst Ratings Changes

EGHT has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, February 1st. B. Riley reiterated a “buy” rating and set a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Barclays boosted their target price on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Needham & Company LLC boosted their target price on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, 8X8 has a consensus rating of “Hold” and a consensus target price of $2.99.

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.