8x8 Inc (NASDAQ:EGHT) Director Andrew F. Burton Sells 6,644 Shares

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

8X8 Price Performance

8X8 stock traded down $0.01 on Monday, reaching $1.74. The company's stock had a trading volume of 967,164 shares, compared to its average volume of 1,092,260. The business's fifty day moving average price is $1.74 and its 200 day moving average price is $2.26. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.20 and a current ratio of 1.20. The company has a market cap of $234.00 million, a price-to-earnings ratio of 35.00 and a beta of 1.79. 8x8 Inc has a twelve month low of $1.51 and a twelve month high of $3.52.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on EGHT shares. Mizuho lowered their target price on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research note on Tuesday, April 15th. Wells Fargo & Company lowered their price objective on 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen raised 8X8 from a "buy" rating to a "strong-buy" rating in a report on Saturday. Weiss Ratings restated a "sell (d-)" rating on shares of 8X8 in a research report on Wednesday, June 11th. Finally, Morgan Stanley lowered their price target on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.51.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EGHT. Picton Mahoney Asset Management grew its holdings in 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after acquiring an additional 3,876 shares during the last quarter. Captrust Financial Advisors bought a new position in shares of 8X8 in the fourth quarter worth about $30,000. Cibc World Markets Corp acquired a new position in shares of 8X8 during the fourth quarter worth approximately $32,000. O Shaughnessy Asset Management LLC acquired a new position in shares of 8X8 during the fourth quarter worth approximately $34,000. Finally, National Bank of Canada FI bought a new stake in shares of 8X8 during the first quarter valued at approximately $26,000. 93.99% of the stock is owned by institutional investors.

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.

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