Insider Selling: 8×8, Inc. (NYSE:EGHT) Insider Sells 34,703 Shares of Stock

8×8, Inc. (NYSE:EGHT – Get Rating) insider Samuel C. Wilson sold 34,703 shares of 8X8 stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $4.83, for a total transaction of $167,615.49. Following the transaction, the insider now directly owns 752,350 shares of the company’s stock, valued at $3,633,850.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

8X8 Price Performance

EGHT traded down $0.54 on Friday, hitting $4.22. 2,931,886 shares of the stock were exchanged, compared to its average volume of 1,759,870. 8×8, Inc. has a 12 month low of $2.87 and a 12 month high of $13.48. The business has a 50-day moving average of $5.26 and a two-hundred day moving average of $4.39. The company has a debt-to-equity ratio of 5.51, a current ratio of 1.55 and a quick ratio of 1.56. The firm has a market capitalization of $477.06 million, a price-to-earnings ratio of -4.49 and a beta of 1.31.

Wall Street Analysts Forecast Growth

EGHT has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on shares of 8X8 from $4.50 to $5.40 and gave the company an “equal weight” rating in a research report on Thursday, February 2nd. Needham & Company LLC boosted their target price on shares of 8X8 from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, February 2nd. Wells Fargo & Company boosted their target price on shares of 8X8 from $4.00 to $4.50 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. Finally, Wedbush initiated coverage on shares of 8X8 in a research report on Wednesday, December 14th. They issued a “neutral” rating and a $7.00 target price for the company. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, 8X8 currently has a consensus rating of “Hold” and a consensus price target of $7.34.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EGHT. Signaturefd LLC raised its stake in 8X8 by 325.9% during the fourth quarter. Signaturefd LLC now owns 7,049 shares of the technology company’s stock worth $30,000 after acquiring an additional 5,394 shares in the last quarter. Captrust Financial Advisors raised its stake in 8X8 by 832.8% during the first quarter. Captrust Financial Advisors now owns 2,985 shares of the technology company’s stock worth $38,000 after acquiring an additional 2,665 shares in the last quarter. Coldstream Capital Management Inc. acquired a new position in 8X8 during the fourth quarter worth about $44,000. Meeder Asset Management Inc. raised its stake in 8X8 by 1,620.9% during the fourth quarter. Meeder Asset Management Inc. now owns 10,360 shares of the technology company’s stock worth $45,000 after acquiring an additional 9,758 shares in the last quarter. Finally, Qtron Investments LLC acquired a new position in 8X8 during the fourth quarter worth about $46,000. Institutional investors and hedge funds own 94.22% of the company’s stock.

8X8 Company Profile

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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.