8X8 (NASDAQ:EGHT) Director Sells 107,085 Shares

Key Points

• Director Andrew Burton sold 107,085 shares of 8X8 at an average price of $1.81, generating approximately $193,824. The Rule 10b5-1 transaction reduced his direct ownership by 41.39% to 151,615 shares.
• 8X8 shares traded near $1.84, below their 50-day and 200-day moving averages of approximately $1.98 and $1.99. The stock has a 12-month range of $1.57 to $2.88 and a market capitalization of about $266.5 million.
• The company exceeded quarterly earnings and revenue expectations, reporting $0.09 EPS and $190.17 million in revenue. Analysts have a consensus “Hold” rating with a $3.12 price target, while institutional investors own 93.99% of the shares.

8x8 Inc (NASDAQ:EGHT - Get Free Report) Director Andrew Burton sold 107,085 shares of 8X8 stock in a transaction on Friday, September 11th. The shares were sold at an average price of $1.81, for a total transaction of $193,823.85. Following the completion of the sale, the director directly owned 151,615 shares in the company, valued at $274,423.15. This represents a 41.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

8X8 Price Performance

NASDAQ:EGHT traded up $0.01 during trading hours on Monday, reaching $1.84. 1,389,359 shares of the company were exchanged, compared to its average volume of 1,704,732. 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 stock's 50-day moving average is $1.98 and its 200-day moving average is $1.99. The firm has a market cap of $266.49 million, a PE ratio of 46.14, a price-to-earnings-growth ratio of 1.26 and a beta of 1.84. 8x8 Inc has a twelve month low of $1.57 and a twelve month high of $2.88.

8X8 (NASDAQ:EGHT - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.05. The business had revenue of $190.17 million for the quarter, compared to analyst estimates of $182.47 million. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. On average, sell-side analysts anticipate that 8x8 Inc will post 0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented 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 research note 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 Thursday. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of 8X8 in a research report on Tuesday, September 1st. Two equities research analysts have 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $3.12.

Institutional Trading of 8X8

Several large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in 8X8 during the second quarter worth about $20,624,000. Bank of America Corp DE acquired a new position in 8X8 during the 2nd quarter worth about $2,823,000. Algert Global LLC lifted its position in shares of 8X8 by 944.3% during the second quarter. Algert Global LLC now owns 1,284,026 shares of the company's stock worth $2,196,000 after purchasing an additional 1,161,066 shares in the last quarter. S Squared Technology LLC purchased a new position in 8X8 in the 2nd quarter valued at approximately $1,597,544. Finally, Deutsche Bank AG acquired a new stake in shares of 8X8 in the second quarter valued at $1,237,000. Hedge funds and other institutional investors own 93.99% of the company's stock.

8X8 Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.