8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sylebra Capital Llc Sells 50,000 Shares

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00. Following the transaction, the insider now owns 14,187,327 shares of the company’s stock, valued at approximately $30,360,879.78. This trade represents a 0.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• 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 Up 3.7 %

Shares of EGHT opened at $2.24 on Tuesday. The stock’s 50-day moving average price is $2.62 and its 200-day moving average price is $2.52. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The company has a market capitalization of $294.99 million, a price-to-earnings ratio of -6.22, a PEG ratio of 6.08 and a beta of 1.78. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative net margin of 6.33% and a negative return on equity of 1.45%. On average, sell-side analysts predict that 8×8, Inc. will post 0.04 EPS for the current year.

Hedge Funds Weigh In On 8X8

Large investors have recently bought and sold shares of the business. Victory Capital Management Inc. increased its position in shares of 8X8 by 138.2% in the third quarter. Victory Capital Management Inc. now owns 76,273 shares of the company’s stock valued at $156,000 after buying an additional 44,255 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in 8X8 by 0.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after acquiring an additional 4,145 shares during the period. Intech Investment Management LLC purchased a new position in 8X8 during the third quarter valued at $49,000. Charles Schwab Investment Management Inc. grew its position in shares of 8X8 by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after purchasing an additional 23,731 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of 8X8 during the third quarter worth about $108,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on EGHT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a report on Saturday. Rosenblatt Securities lowered their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday, February 3rd. Barclays upped their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Finally, Needham & Company LLC raised their price target on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Three 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.99.

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.