Insider Selling: 8×8, Inc. (NYSE:EGHT) SVP Sells 3,763 Shares of Stock

8×8, Inc. (NYSE:EGHTGet Rating) SVP Matthew Zinn sold 3,763 shares of 8X8 stock in a transaction that occurred on Sunday, May 15th. The shares were sold at an average price of $7.94, for a total transaction of $29,878.22. Following the transaction, the senior vice president now directly owns 85,323 shares in the company, valued at $677,464.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Matthew Zinn also recently made the following trade(s):

  • On Monday, April 18th, Matthew Zinn sold 762 shares of 8X8 stock. The stock was sold at an average price of $10.81, for a total value of $8,237.22.
  • On Friday, March 18th, Matthew Zinn sold 499 shares of 8X8 stock. The stock was sold at an average price of $11.49, for a total transaction of $5,733.51.

Shares of EGHT stock opened at $8.06 on Wednesday. 8×8, Inc. has a 1-year low of $7.49 and a 1-year high of $28.68. The company has a market cap of $953.75 million, a price-to-earnings ratio of -5.10 and a beta of 1.10. The company has a debt-to-equity ratio of 3.76, a current ratio of 3.03 and a quick ratio of 3.03. The stock has a 50 day simple moving average of $10.70 and a 200-day simple moving average of $14.88.

8X8 (NYSE:EGHTGet Rating) last posted its quarterly earnings data on Wednesday, May 11th. The technology company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.12. The business had revenue of $181.37 million for the quarter, compared to the consensus estimate of $180.87 million. 8X8 had a negative net margin of 29.07% and a negative return on equity of 96.59%. The company’s revenue was up 25.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.33) earnings per share. Analysts anticipate that 8×8, Inc. will post -1.24 earnings per share for the current fiscal year.

EGHT has been the subject of several recent analyst reports. Wells Fargo & Company reduced their price objective on shares of 8X8 from $15.00 to $11.00 and set an “underweight” rating for the company in a research note on Tuesday, March 15th. Needham & Company LLC dropped their target price on 8X8 from $22.00 to $13.00 in a research note on Wednesday, May 11th. Evercore ISI decreased their price objective on shares of 8X8 from $30.00 to $18.00 in a research report on Wednesday, May 11th. Bank of America began coverage on 8X8 in a research report on Friday, January 28th. They set a “buy” rating and a $18.00 price target for the company. Finally, Barclays reduced their price objective on 8X8 from $17.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.27.

Several institutional investors have recently added to or reduced their stakes in EGHT. AlphaCrest Capital Management LLC grew its holdings in 8X8 by 258.8% in the 4th quarter. AlphaCrest Capital Management LLC now owns 94,736 shares of the technology company’s stock valued at $1,588,000 after buying an additional 68,329 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in 8X8 by 31.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 71,782 shares of the technology company’s stock valued at $1,679,000 after purchasing an additional 16,982 shares during the last quarter. M&T Bank Corp grew its stake in shares of 8X8 by 98.9% in the 4th quarter. M&T Bank Corp now owns 39,254 shares of the technology company’s stock valued at $658,000 after buying an additional 19,523 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of 8X8 by 152.6% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 52,505 shares of the technology company’s stock worth $1,228,000 after buying an additional 31,722 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC raised its position in shares of 8X8 by 66.5% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 18,478 shares of the technology company’s stock valued at $310,000 after buying an additional 7,382 shares during the period. 92.72% of the stock is owned by institutional investors and hedge funds.

8X8 Company Profile (Get Rating)

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.

Further Reading

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

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