Insider Selling: 8×8, Inc. (NYSE:EGHT) CFO Sells $12,075.00 in Stock

8×8, Inc. (NYSE:EGHTGet Rating) CFO Samuel C. Wilson sold 2,875 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $4.20, for a total value of $12,075.00. Following the completion of the sale, the chief financial officer now directly owns 567,634 shares in the company, valued at approximately $2,384,062.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

8X8 Stock Down 2.9 %

Shares of EGHT stock opened at $3.66 on Friday. 8×8, Inc. has a 1 year low of $3.61 and a 1 year high of $25.17. The stock has a market cap of $439.07 million, a PE ratio of -2.67 and a beta of 1.23. The business’s fifty day moving average is $4.83 and its 200-day moving average is $5.44. The company has a debt-to-equity ratio of 3.70, a quick ratio of 1.55 and a current ratio of 1.55.

8X8 (NYSE:EGHTGet Rating) last issued its quarterly earnings results on Wednesday, July 27th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.13. 8X8 had a negative return on equity of 73.61% and a negative net margin of 23.25%. The company had revenue of $187.62 million for the quarter, compared to analysts’ expectations of $186.54 million. Equities analysts expect that 8×8, Inc. will post -0.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

EGHT has been the topic of several recent research reports. Barclays cut their price target on 8X8 from $10.00 to $6.00 and set an “equal weight” rating on the stock in a report on Monday, July 25th. B. Riley cut their price target on 8X8 from $13.50 to $10.00 in a report on Friday, July 29th. Needham & Company LLC cut their price target on 8X8 from $13.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Oppenheimer downgraded 8X8 from an “outperform” rating to a “market perform” rating in a report on Friday, August 5th. Finally, William Blair restated an “outperform” rating on shares of 8X8 in a research report on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $9.00.

Hedge Funds Weigh In On 8X8

Several hedge funds have recently modified their holdings of the company. Federated Hermes Inc. increased its position in shares of 8X8 by 409.4% during the 2nd quarter. Federated Hermes Inc. now owns 1,566,925 shares of the technology company’s stock valued at $8,070,000 after purchasing an additional 1,259,293 shares during the period. Verition Fund Management LLC acquired a new position in shares of 8X8 during the 2nd quarter valued at $58,000. Legal & General Group Plc boosted its stake in shares of 8X8 by 6.6% during the 2nd quarter. Legal & General Group Plc now owns 353,848 shares of the technology company’s stock worth $1,822,000 after acquiring an additional 21,892 shares in the last quarter. ExodusPoint Capital Management LP boosted its stake in shares of 8X8 by 1,959.7% during the 2nd quarter. ExodusPoint Capital Management LP now owns 746,979 shares of the technology company’s stock worth $3,847,000 after acquiring an additional 710,713 shares in the last quarter. Finally, Walleye Capital LLC bought a new stake in shares of 8X8 during the 2nd quarter worth $654,000. 94.66% of the stock is currently owned by institutional investors and hedge funds.

8X8 Company Profile

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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. The company offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

See Also

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

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