8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sylebra Capital Llc Sells 100,000 Shares

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the sale, the insider now owns 14,289,476 shares in the company, valued at approximately $31,865,531.48. The trade was a 0.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

8X8 Stock Performance

8X8 stock traded down $0.04 during midday trading on Friday, reaching $2.15. 355,181 shares of the stock traded hands, compared to its average volume of 1,003,409. The firm has a fifty day moving average price of $2.64 and a two-hundred day moving average price of $2.50. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The firm has a market cap of $282.48 million, a price-to-earnings ratio of -5.96, a PEG ratio of 6.08 and a beta of 1.78. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping 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, equities research analysts forecast that 8×8, Inc. will post 0.04 earnings per share for the current year.

Hedge Funds Weigh In On 8X8

Several hedge funds have recently modified their holdings of EGHT. Pallas Capital Advisors LLC bought a new position in 8X8 during the fourth quarter valued at about $29,000. Picton Mahoney Asset Management grew its stake in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after purchasing an additional 3,876 shares during the last quarter. Captrust Financial Advisors bought a new stake in shares of 8X8 in the 4th quarter worth approximately $30,000. Cibc World Markets Corp bought a new stake in 8X8 during the fourth quarter worth approximately $32,000. Finally, O Shaughnessy Asset Management LLC bought a new stake in 8X8 during the fourth quarter worth approximately $34,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on EGHT. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research report on Friday, March 7th. Barclays boosted their price target on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Finally, Rosenblatt Securities cut their target price on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, 8X8 presently has an average rating of “Hold” and an average 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.