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

8×8, Inc. (NYSE:EGHT – Get 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:EGHT – Get 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.

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