Insider Selling: 8×8, Inc. (NYSE:EGHT) CFO Sells 20,000 Shares of Stock

8×8, Inc. (NYSE:EGHT) CFO Samuel C. Wilson sold 20,000 shares of 8X8 stock in a transaction on Wednesday, December 30th. The stock was sold at an average price of $34.17, for a total transaction of $683,400.00. Following the completion of the transaction, the chief financial officer now directly owns 168,201 shares in the company, valued at $5,747,428.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of EGHT stock opened at $34.47 on Friday. The stock has a market cap of $3.66 billion, a PE ratio of -19.92 and a beta of 0.83. The company’s fifty day moving average price is $25.12 and its 200-day moving average price is $18.42. 8×8, Inc. has a 12 month low of $10.70 and a 12 month high of $35.72. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 1.72.

8X8 (NYSE:EGHT) last announced its quarterly earnings results on Wednesday, October 28th. The technology company reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.26. The company had revenue of $129.13 million for the quarter, compared to analysts’ expectations of $126.06 million. 8X8 had a negative net margin of 36.15% and a negative return on equity of 68.68%. On average, sell-side analysts forecast that 8×8, Inc. will post -1.08 earnings per share for the current fiscal year.

Several research analysts recently commented on EGHT shares. BidaskClub raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Friday, December 11th. Summit Insights raised shares of 8X8 from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Thursday, October 29th. Mizuho boosted their price objective on shares of 8X8 from $17.00 to $25.00 and gave the company a “neutral” rating in a research report on Wednesday, December 16th. Craig Hallum raised shares of 8X8 from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research report on Thursday, October 29th. Finally, B. Riley boosted their price objective on shares of 8X8 from $15.25 to $25.00 and gave the company a “neutral” rating in a research report on Friday, December 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $24.60.

Institutional investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA bought a new position in 8X8 in the 2nd quarter worth about $25,000. Pacer Advisors Inc. bought a new position in 8X8 in the 3rd quarter worth about $83,000. Point72 Hong Kong Ltd boosted its stake in 8X8 by 4,594.7% in the 3rd quarter. Point72 Hong Kong Ltd now owns 7,934 shares of the technology company’s stock worth $123,000 after purchasing an additional 7,765 shares in the last quarter. Handelsbanken Fonder AB bought a new position in 8X8 in the 2nd quarter worth about $160,000. Finally, Boothbay Fund Management LLC bought a new position in 8X8 in the 3rd quarter worth about $194,000. Institutional investors own 94.42% of the company’s stock.

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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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Insider Buying and Selling by Quarter for 8X8 (NYSE:EGHT)

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