8X8 (NASDAQ:EGHT) Insider Sells $17,168.06 in Stock

Key Points

• Insider sale: Laurence Denny sold 9,433 8x8 shares for $17,168.06 under a pre-arranged Rule 10b5-1 plan, reducing his position by 1.54% to 604,281 shares.
• Stock performance: EGHT shares rose 0.3% to $1.84, near the lower end of their 12-month range of $1.57 to $2.88. Institutional investors own approximately 93.99% of the company.
• Financial and analyst outlook: 8x8 exceeded quarterly EPS and revenue expectations, reporting $0.09 EPS on $190.17 million in revenue. Analysts’ consensus rating is “Hold,” with an average price target of $3.12, despite mixed Buy, Hold, and Sell ratings.

8x8 Inc (NASDAQ:EGHT - Get Free Report) insider Laurence Denny sold 9,433 shares of the firm's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $1.82, for a total transaction of $17,168.06. Following the completion of the sale, the insider directly owned 604,281 shares of the company's stock, valued at approximately $1,099,791.42. The trade was a 1.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

8X8 Trading Up 0.3%

Shares of EGHT traded up $0.01 during mid-day trading on Monday, reaching $1.84. 1,389,359 shares of the company's stock traded hands, compared to its average volume of 1,704,732. The stock has a market cap of $266.49 million, a P/E ratio of 46.14, a P/E/G ratio of 1.26 and a beta of 1.84. The stock's 50-day moving average is $1.98 and its two-hundred day moving average is $1.99. 8x8 Inc has a 12 month low of $1.57 and a 12 month high of $2.88. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.05 and a quick ratio of 1.05.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGHT. Heron Bay Capital Management purchased a new position in 8X8 during the 2nd quarter valued at about $25,000. Legal & General Group Plc bought a new stake in shares of 8X8 in the 2nd quarter valued at about $26,000. Sequoia Financial Advisors LLC purchased a new stake in shares of 8X8 in the 1st quarter worth approximately $25,000. M&T Bank Corp purchased a new stake in shares of 8X8 in the 4th quarter worth approximately $45,000. Finally, Abacus Wealth Partners LLC bought a new position in shares of 8X8 during the fourth quarter valued at approximately $45,000. 93.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. B. Riley Financial reissued a "buy" rating and set a $3.25 target price (up from $3.00) on shares of 8X8 in a research note on Wednesday, August 5th. Weiss Ratings reiterated a "sell (d)" rating on shares of 8X8 in a report on Tuesday, September 1st. Finally, Rosenblatt Securities restated a "buy" rating and issued a $3.00 target price on shares of 8X8 in a research note on Thursday. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, 8X8 currently has a consensus rating of "Hold" and an average target price of $3.12.

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.

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