8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sylebra Capital Llc Sells 50,000 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 50,000 shares of the company’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 transaction of $107,000.00. Following the completion of the transaction, the insider now owns 14,187,327 shares in the company, valued at approximately $30,360,879.78. This represents a 0.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions 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 value of $223,000.00.

8X8 Stock Performance

Shares of EGHT traded up $0.08 on Monday, reaching $2.24. The company’s stock had a trading volume of 1,220,206 shares, compared to its average volume of 994,826. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52. The stock has a market capitalization of $294.99 million, a P/E ratio of -6.22, a PEG 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 stock’s 50 day simple moving average is $2.62 and its two-hundred day simple moving average is $2.52.

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

Institutional Trading of 8X8

A number of hedge funds and other institutional investors have recently bought and sold shares of EGHT. B. Riley Financial Inc. bought a new position in shares of 8X8 during the 3rd quarter valued at approximately $1,997,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of 8X8 in the fourth quarter worth $2,126,000. Invenomic Capital Management LP raised its position in shares of 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after purchasing an additional 524,580 shares during the period. Renaissance Technologies LLC lifted its stake in shares of 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock valued at $1,177,000 after buying an additional 404,077 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in 8X8 by 39.2% in the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock worth $3,254,000 after buying an additional 343,400 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Rosenblatt Securities decreased their price target on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research note on Monday, February 3rd. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a report on Saturday. Needham & Company LLC boosted 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, StockNews.com downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently 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.