Insider Selling: 8×8, Inc. (NASDAQ:EGHT) CAO Sells 7,333 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) CAO Suzy M. Seandel sold 7,333 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $2.08, for a total transaction of $15,252.64. Following the sale, the chief accounting officer now owns 319,798 shares in the company, valued at $665,179.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

8X8 Price Performance

Shares of NASDAQ:EGHT traded down $0.12 during trading on Thursday, reaching $1.97. The company had a trading volume of 376,162 shares, compared to its average volume of 1,215,195. The company has a fifty day moving average of $1.88 and a two-hundred day moving average of $2.29. The stock has a market capitalization of $246.99 million, a P/E ratio of -3.80 and a beta of 1.56. 8×8, Inc. has a 12 month low of $1.51 and a 12 month high of $3.92. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.93.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $172.80 million during the quarter, compared to the consensus estimate of $178.90 million. 8X8 had a negative return on equity of 6.51% and a negative net margin of 8.65%. 8X8’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.04) EPS. Equities research analysts forecast that 8×8, Inc. will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On 8X8

Institutional investors and hedge funds have recently made changes to their positions in the business. Sei Investments Co. purchased a new stake in 8X8 during the 2nd quarter valued at $44,000. XTX Topco Ltd bought a new stake in 8X8 in the second quarter worth $49,000. Williams & Novak LLC purchased a new stake in shares of 8X8 in the second quarter worth $77,000. Dynamic Advisor Solutions LLC grew its stake in shares of 8X8 by 83.1% in the second quarter. Dynamic Advisor Solutions LLC now owns 34,520 shares of the company’s stock worth $77,000 after acquiring an additional 15,665 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of 8X8 during the second quarter valued at $77,000. Institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on EGHT shares. Barclays dropped their price target on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Wednesday. Needham & Company LLC lowered their target price on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Wells Fargo & Company lowered their target price on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Friday, June 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $4.00 target price on shares of 8X8 in a research note on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.83.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.