Key Points
- 8x8 CFO Kevin Kraus sold 34,329 shares at an average price of $2.32, generating $79,643.28. His remaining stake fell 3.46% to 958,324 shares.
- Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $2.72; B. Riley and Rosenblatt maintained “Buy” ratings with targets of $3.25 and $3.00, respectively.
- 8x8 shares opened at $2.24, with a market capitalization of approximately $323.6 million, while institutional investors own a substantial 93.99% of the company’s stock.
8x8 Inc (NASDAQ:EGHT - Get Free Report) CFO Kevin Kraus sold 34,329 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $2.32, for a total transaction of $79,643.28. Following the completion of the sale, the chief financial officer owned 958,324 shares of the company's stock, valued at approximately $2,223,311.68. This represents a 3.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
8X8 Stock Performance
Shares of 8X8 stock opened at $2.24 on Tuesday. The stock's fifty day simple moving average is $1.91 and its 200 day simple moving average is $2.03. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.83. The company has a market capitalization of $323.55 million, a PE ratio of 56.01, a PEG ratio of 1.66 and a beta of 1.83. 8x8 Inc has a 12 month low of $1.57 and a 12 month high of $2.88.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on EGHT shares. B. Riley Financial reiterated a "buy" rating and set a $3.25 price objective (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $3.00 price target on shares of 8X8 in a research note on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a report on Thursday, June 4th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $2.72.
Read Our Latest Report on 8X8
Institutional Investors Weigh In On 8X8
A number of institutional investors and hedge funds have recently modified their holdings of EGHT. Prelude Capital Management LLC acquired a new position in 8X8 during the third quarter worth approximately $26,000. CIBC Bancorp USA Inc. acquired a new stake in shares of 8X8 in the third quarter valued at approximately $30,000. Schonfeld Strategic Advisors LLC bought a new position in shares of 8X8 during the 3rd quarter worth approximately $31,000. Sequoia Financial Advisors LLC bought a new position in shares of 8X8 during the 1st quarter worth approximately $25,000. Finally, Abel Hall LLC acquired a new position in shares of 8X8 during the 4th quarter worth approximately $33,000. 93.99% of the stock is owned by institutional investors.
About 8X8
(
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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