8x8 Inc (NASDAQ:EGHT) Director Sells $12,291.40 in Stock

8x8 Inc (NASDAQ:EGHT - Get Free Report) Director Andrew F. Burton sold 6,644 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $1.85, for a total value of $12,291.40. Following the sale, the director now directly owns 126,665 shares of the company's stock, valued at approximately $234,330.25. The trade was a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

8X8 Stock Up 3.3%

EGHT traded up $0.06 during midday trading on Thursday, reaching $1.86. The company's stock had a trading volume of 770,242 shares, compared to its average volume of 1,088,893. The firm has a market capitalization of $250.13 million, a price-to-earnings ratio of -8.86 and a beta of 1.79. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.77. 8x8 Inc has a 1 year low of $1.51 and a 1 year high of $3.52. The stock's 50-day moving average is $1.75 and its 200-day moving average is $2.25.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EGHT shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $2.70 target price on shares of 8X8 in a report on Tuesday, May 20th. B. Riley reaffirmed a "buy" rating and set a $3.00 price target (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Mizuho cut their price target on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company lowered their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Morgan Stanley decreased their price target on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $2.51.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in 8X8 by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 13,009,471 shares of the company's stock worth $26,019,000 after purchasing an additional 393,478 shares during the last quarter. Boston Partners lifted its stake in shares of 8X8 by 3.9% in the 4th quarter. Boston Partners now owns 6,644,856 shares of the company's stock valued at $17,742,000 after purchasing an additional 252,083 shares during the period. Bank of America Corp DE lifted its stake in shares of 8X8 by 7.0% in the 4th quarter. Bank of America Corp DE now owns 3,795,150 shares of the company's stock valued at $10,133,000 after purchasing an additional 249,798 shares during the period. Geode Capital Management LLC lifted its stake in shares of 8X8 by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 3,024,322 shares of the company's stock valued at $8,077,000 after purchasing an additional 41,929 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in 8X8 by 60.7% in the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company's stock worth $5,201,000 after acquiring an additional 982,342 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

About 8X8

8x8, 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.