Key Points
- Director Elizabeth Harriet Theophille sold 20,207 8x8 shares at an average price of $1.81, generating approximately $36,575. She retained 167,086 shares, a 10.79% reduction in her direct ownership.
- 8x8 shares opened at $1.91, with a 52-week range of $1.56 to $2.88 and a market capitalization of about $270.8 million. Institutional investors own approximately 93.99% of the company.
- Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $2.45; Rosenblatt raised its target to $3.00 while Zacks downgraded the stock to Hold.
8x8 Inc (NASDAQ:EGHT - Get Free Report) Director Elizabeth Harriet Theophille sold 20,207 shares of the firm's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $1.81, for a total value of $36,574.67. Following the transaction, the director directly owned 167,086 shares of the company's stock, valued at approximately $302,425.66. This represents a 10.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
8X8 Stock Performance
NASDAQ:EGHT opened at $1.91 on Wednesday. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.09 and a current ratio of 1.09. 8x8 Inc has a fifty-two week low of $1.56 and a fifty-two week high of $2.88. The company has a 50 day simple moving average of $1.92 and a two-hundred day simple moving average of $2.01. The company has a market capitalization of $270.80 million, a PE ratio of 95.55, a P/E/G ratio of 1.34 and a beta of 1.84.
Institutional Trading of 8X8
Several institutional investors and hedge funds have recently made changes to their positions in EGHT. Prelude Capital Management LLC bought a new position in shares of 8X8 during the third quarter valued at about $26,000. CIBC Bancorp USA Inc. bought a new stake in 8X8 in the 3rd quarter worth about $30,000. Schonfeld Strategic Advisors LLC bought a new stake in 8X8 in the 3rd quarter worth about $31,000. Sequoia Financial Advisors LLC purchased a new stake in 8X8 in the 1st quarter valued at about $25,000. Finally, Abel Hall LLC purchased a new stake in 8X8 in the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 93.99% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on EGHT shares. Rosenblatt Securities upped their price objective on shares of 8X8 from $2.75 to $3.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. Zacks Research downgraded 8X8 from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Finally, Weiss Ratings raised 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $2.45.
Read Our Latest Report on EGHT
8X8 Company Profile
(
Get Free Report)
8x8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company's unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8x8 aims to simplify communications infrastructure for organisations of all sizes.
Founded in 1987 and headquartered in Campbell, California, 8x8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.
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