Insider Selling: 8×8, Inc. (NASDAQ:EGHT) Insider Sells 10,000 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total value of $30,000.00. Following the completion of the transaction, the insider now directly owns 233,791 shares of the company’s stock, valued at $701,373. This represents a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

8X8 Trading Up 3.8 %

Shares of NASDAQ:EGHT traded up $0.11 during midday trading on Tuesday, reaching $2.97. The company’s stock had a trading volume of 2,800,940 shares, compared to its average volume of 1,008,224. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.41. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.18 and a current ratio of 1.25. The firm has a 50 day moving average price of $2.78 and a two-hundred day moving average price of $2.43. The firm has a market capitalization of $391.12 million, a price-to-earnings ratio of -8.25, a PEG ratio of 24.40 and a beta of 1.66.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday, February 1st. StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. Barclays lifted their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Needham & Company LLC increased their price target on 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley lifted their price objective on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.99.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Picton Mahoney Asset Management grew its holdings in 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 during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of 8X8 by 0.6% during the 3rd 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. Creative Planning increased its holdings in 8X8 by 16.6% in the 3rd quarter. Creative Planning now owns 38,245 shares of the company’s stock worth $78,000 after acquiring an additional 5,453 shares during the last quarter. Rhumbline Advisers raised its stake in 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock valued at $442,000 after acquiring an additional 8,100 shares during the period. Finally, Pallas Capital Advisors LLC purchased a new stake in 8X8 during the fourth quarter valued at about $29,000. 93.99% of the stock is owned by institutional investors.

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.