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

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

8X8 Stock Down 0.9 %

Shares of NASDAQ EGHT opened at $2.16 on Friday. The stock has a market capitalization of $284.46 million, a P/E ratio of -6.00, a P/E/G ratio of 6.08 and a beta of 1.78. The company has a 50-day moving average price of $2.63 and a 200-day moving average price of $2.51. 8×8, Inc. has a 1 year low of $1.51 and a 1 year high of $3.52. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share 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%. On average, equities research analysts forecast that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on EGHT. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Rosenblatt Securities reduced their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday, February 3rd. Barclays raised their price target on shares of 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a report on Friday, March 7th. Finally, StockNews.com cut shares of 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.99.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in EGHT. Pallas Capital Advisors LLC bought a new position in shares of 8X8 during the fourth quarter valued at about $29,000. Picton Mahoney Asset Management lifted its position in shares of 8X8 by 53.6% during the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after purchasing an additional 3,876 shares in the last quarter. Captrust Financial Advisors bought a new position in shares of 8X8 during the fourth quarter valued at about $30,000. Cibc World Markets Corp bought a new position in shares of 8X8 during the fourth quarter valued at about $32,000. Finally, O Shaughnessy Asset Management LLC bought a new stake in 8X8 in the fourth quarter worth about $34,000. 93.99% of the stock is owned by institutional investors.

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.