8X8 (NASDAQ:EGHT) Director Sells $36,574.67 in Stock

Key Points

• 8X8 Director Elizabeth Harriet Theophille sold 20,207 shares at an average price of $1.81, generating $36,574.67 and reducing her direct holdings by 10.79% to 167,086 shares.
• 8X8 shares rose 3.2% to $1.91, with the stock trading between a 52-week low of $1.56 and high of $2.88. Institutional investors own 93.99% of the company.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $2.45; one analyst rates the stock Buy, one Hold, and one Sell.

8x8 Inc (NASDAQ:EGHT - Get Free Report) Director Elizabeth Harriet Theophille sold 20,207 shares of the company's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $1.81, for a total transaction of $36,574.67. Following the completion of the sale, the director directly owned 167,086 shares of the company's stock, valued at $302,425.66. This represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

8X8 Trading Up 3.2%

8X8 stock traded up $0.06 during midday trading on Tuesday, hitting $1.91. 2,024,015 shares of the stock were exchanged, compared to its average volume of 1,780,738. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.93. The stock's 50-day simple moving average is $1.92 and its 200 day simple moving average is $2.01. 8x8 Inc has a fifty-two week low of $1.56 and a fifty-two week high of $2.88. The stock has a market capitalization of $270.80 million, a price-to-earnings ratio of 7.12, a PEG ratio of 1.34 and a beta of 1.84.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently made changes to their positions in EGHT. Sequoia Financial Advisors LLC acquired a new position in shares of 8X8 in the 1st quarter worth approximately $25,000. Prelude Capital Management LLC purchased a new stake in 8X8 in the third quarter valued at approximately $26,000. CIBC Bancorp USA Inc. acquired a new position in 8X8 during the third quarter worth $30,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of 8X8 during the third quarter worth $31,000. Finally, Abel Hall LLC acquired a new stake in shares of 8X8 in the fourth quarter valued at $33,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EGHT has been the subject of several analyst reports. Zacks Research lowered 8X8 from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Rosenblatt Securities lifted their target price on 8X8 from $2.75 to $3.00 and gave the company a "buy" rating in a research report on Wednesday, May 20th. Finally, Weiss Ratings raised 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a research note on Thursday, June 4th. One equities 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. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $2.45.

About 8X8

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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