Sylebra Capital Llc Sells 101,678 Shares of 8×8, Inc. (NASDAQ:EGHT) Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 101,678 shares of 8X8 stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $2.23, for a total value of $226,741.94. Following the transaction, the insider now owns 14,085,649 shares of the company’s stock, valued at approximately $31,410,997.27. This represents a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Sylebra Capital Llc also recently made the following trade(s):

• On Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00.
• On Wednesday, March 19th, Sylebra Capital Llc sold 100,000 shares of 8X8 stock. The stock was sold at an average price of $2.23, for a total transaction of $223,000.00.

8X8 Price Performance

8X8 stock opened at $2.11 on Friday. The company has a 50-day moving average price of $2.60 and a 200 day moving average price of $2.51. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. The stock has a market cap of $277.87 million, a P/E ratio of -5.86, a PEG ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping 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%. Sell-side analysts anticipate that 8×8, Inc. will post 0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on EGHT. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 5th. Rosenblatt Securities decreased their target price on 8X8 from $3.50 to $3.30 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Morgan Stanley boosted their price target on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Barclays increased their price objective on shares of 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a research note on Saturday, March 22nd. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $2.99.

Institutional Trading of 8X8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. B. Riley Financial Inc. purchased a new position in 8X8 during the 3rd quarter valued at about $1,997,000. Geode Capital Management LLC increased its stake in 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of 8X8 by 8.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after buying an additional 11,287 shares during the last quarter. FMR LLC grew its holdings in shares of 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after purchasing an additional 314,441 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its position in 8X8 by 178.7% during the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock worth $192,000 after buying an additional 60,316 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.