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 value of $107,000.00. Following the completion of the transaction, the insider now directly owns 14,187,327 shares in the company, valued at approximately $30,360,879.78. This represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large 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 Trading Up 3.7 %

Shares of NASDAQ:EGHT traded up $0.08 during trading on Monday, hitting $2.24. The company had a trading volume of 1,220,206 shares, compared to its average volume of 994,826. The stock has a market cap of $294.99 million, a price-to-earnings ratio of -6.22, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The company has a fifty day simple moving average of $2.62 and a two-hundred day simple moving average of $2.52. 8×8, Inc. has a one year low of $1.51 and a one year high of $3.52.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on EGHT. Needham & Company LLC upped their target price on shares of 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Barclays boosted their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Morgan Stanley raised their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.99.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Victory Capital Management Inc. boosted its holdings in 8X8 by 138.2% during the 3rd quarter. Victory Capital Management Inc. now owns 76,273 shares of the company’s stock valued at $156,000 after acquiring an additional 44,255 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of 8X8 by 0.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after purchasing an additional 4,145 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of 8X8 in the third quarter worth about $49,000. Charles Schwab Investment Management Inc. increased its stake in 8X8 by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock worth $2,731,000 after buying an additional 23,731 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in 8X8 in the 3rd quarter valued at about $108,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.