8×8, Inc. (NASDAQ:EGHT) Insider Laurence Denny Sells 10,000 Shares

8×8, Inc. (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was 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 trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

8X8 Stock Performance

Shares of EGHT opened at $2.97 on Wednesday. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.18. The firm’s 50 day moving average is $2.78 and its 200-day moving average is $2.43. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.41. The stock has a market capitalization of $391.12 million, a P/E ratio of -8.25, a P/E/G ratio of 24.40 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share (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%. Equities research analysts anticipate that 8×8, Inc. will post 0.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on EGHT shares. Barclays boosted their price target on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com lowered shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Morgan Stanley boosted their price target on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC increased their price objective on shares of 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a report on Wednesday, February 5th. Finally, Wells Fargo & Company raised their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.99.

Institutional Investors Weigh In On 8X8

Institutional investors and hedge funds have recently modified their holdings of the stock. Pallas Capital Advisors LLC acquired a new position in shares of 8X8 in the 4th quarter valued at $29,000. Picton Mahoney Asset Management lifted its stake 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 buying an additional 3,876 shares in the last quarter. Cibc World Markets Corp acquired a new position in shares of 8X8 in the fourth quarter worth about $32,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of 8X8 in the third quarter worth approximately $30,000. Finally, Virtu Financial LLC acquired a new stake in shares of 8X8 during the third quarter valued at approximately $36,000. 93.99% of the stock is owned by institutional investors and hedge funds.

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.