8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sylebra Capital Llc Sells 101,678 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 101,678 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $2.23, for a total value of $226,741.94. Following the sale, the insider now directly owns 14,085,649 shares in the company, valued at approximately $31,410,997.27. This trade represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00.
• On Wednesday, March 19th, Sylebra Capital Llc sold 100,000 shares of 8X8 stock. The stock was sold at an average price of $2.23, for a total transaction of $223,000.00.

8X8 Price Performance

Shares of NASDAQ:EGHT opened at $2.20 on Thursday. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. 8×8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52. The firm has a market cap of $289.73 million, a PE ratio of -6.11, a price-to-earnings-growth ratio of 6.08 and a beta of 1.78. The firm’s fifty day moving average is $2.61 and its 200-day moving average is $2.52.

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

Wall Street Analyst Weigh In

Several brokerages have commented on EGHT. Barclays boosted their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Needham & Company LLC boosted their price target on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Rosenblatt Securities decreased their target price on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, March 22nd. Finally, Morgan Stanley lifted their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a report on Wednesday, December 18th. Three equities 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.99.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EGHT. Pallas Capital Advisors LLC acquired a new stake in shares of 8X8 during the fourth quarter worth $29,000. Picton Mahoney Asset Management lifted its stake in shares of 8X8 by 53.6% in the 4th 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. Captrust Financial Advisors bought a new stake in shares of 8X8 during the 4th quarter valued at about $30,000. Cibc World Markets Corp bought a new stake in shares of 8X8 during the 4th quarter valued at about $32,000. Finally, O Shaughnessy Asset Management LLC acquired a new stake in 8X8 during the fourth quarter worth approximately $34,000. 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.