Sylebra Capital Llc Sells 100,000 Shares of 8×8, Inc. (NASDAQ:EGHT) Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $2.23, for a total value of $223,000.00. Following the sale, the insider now directly owns 14,289,476 shares of the company’s stock, valued at approximately $31,865,531.48. This represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

8X8 Stock Performance

EGHT opened at $2.16 on Friday. The stock has a market cap of $284.46 million, a P/E ratio of -6.00, a P/E/G ratio of 6.08 and a beta of 1.78. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The stock’s 50 day simple moving average is $2.63 and its 200 day simple moving average is $2.50. 8×8, Inc. has a 1-year low of $1.51 and a 1-year high of $3.52.

8X8 (NASDAQ:EGHT) last announced its earnings results on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. As a group, equities analysts anticipate that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On 8X8

A number of large investors have recently bought and sold shares of EGHT. B. Riley Financial Inc. acquired a new stake in 8X8 during the 3rd quarter valued at $1,997,000. Arrowstreet Capital Limited Partnership acquired a new stake in 8X8 during the 4th quarter valued at $2,126,000. Invenomic Capital Management LP lifted its stake in shares of 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after purchasing an additional 524,580 shares during the period. Renaissance Technologies LLC lifted its stake in shares of 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock worth $1,177,000 after purchasing an additional 404,077 shares during the period. Finally, Two Sigma Advisers LP lifted its stake in shares of 8X8 by 39.2% during the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock worth $3,254,000 after purchasing an additional 343,400 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

EGHT has been the topic of several recent analyst reports. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $2.75 to $2.50 in a research report on Friday, December 13th. Needham & Company LLC boosted their target price on 8X8 from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. StockNews.com cut 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of 8X8 in a research report on Friday, March 7th. Finally, Morgan Stanley boosted their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.99.

About 8X8

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.