8×8, Inc. (NASDAQ:EGHT) CAO Suzy M. Seandel Sells 7,333 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) CAO Suzy M. Seandel sold 7,333 shares of 8X8 stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $2.08, for a total value of $15,252.64. Following the transaction, the chief accounting officer now directly owns 319,798 shares of the company’s stock, valued at approximately $665,179.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

8X8 Stock Down 5.7 %

Shares of NASDAQ EGHT opened at $1.97 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 3.93. The stock has a market capitalization of $246.99 million, a PE ratio of -3.58 and a beta of 1.56. The firm has a fifty day moving average of $1.88 and a 200-day moving average of $2.29. 8×8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.92.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $172.80 million for the quarter, compared to analyst estimates of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. The business’s revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.04) earnings per share. On average, analysts anticipate that 8×8, Inc. will post -0.08 EPS for the current year.

Analysts Set New Price Targets

EGHT has been the subject of several research reports. Needham & Company LLC cut their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Friday, August 9th. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a report on Wednesday. Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research report on Thursday, August 22nd. Barclays cut their price objective on 8X8 from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Finally, Wedbush upgraded 8X8 to a “hold” rating in a report on Thursday. Two equities research 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 MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.83.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Creative Planning increased its position in shares of 8X8 by 16.6% in the third quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after acquiring an additional 5,453 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in 8X8 during the 2nd quarter worth $77,000. Susquehanna Fundamental Investments LLC boosted its position in 8X8 by 62.0% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock worth $975,000 after purchasing an additional 168,057 shares during the period. Mackenzie Financial Corp increased its holdings in 8X8 by 73.5% in the 2nd quarter. Mackenzie Financial Corp now owns 118,775 shares of the company’s stock valued at $264,000 after purchasing an additional 50,328 shares in the last quarter. Finally, Sei Investments Co. purchased a new position in 8X8 in the second quarter valued at about $44,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.