Insider Selling: 8X8 (NASDAQ:EGHT) Insider Sells $23,200.00 in Stock

Key Points

• 8x8 insider Laurence Denny sold 10,000 shares for $23,200 under a pre-arranged Rule 10b5-1 plan, reducing his stake by 1.67% to 590,180 shares.
• 8x8 reported quarterly earnings of $0.12 per share, beating the $0.04 analyst consensus; revenue was $192 million.
• Analysts’ consensus rating was Hold, with an average price target of $3.12. Shares traded at $2.17 in the article’s cited session.

8x8 Inc (NASDAQ:EGHT - Get Free Report) insider Laurence Denny sold 10,000 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $2.32, for a total value of $23,200.00. Following the completion of the sale, the insider directly owned 590,180 shares of the company's stock, valued at approximately $1,369,217.60. The trade was a 1.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Laurence Denny also recently made the following trade(s):

• On Friday, September 11th, Laurence Denny sold 9,433 shares of 8X8 stock. The stock was sold at an average price of $1.82, for a total value of $17,168.06.

8X8 Trading Up 1.9%

Shares of 8X8 stock traded up $0.04 during midday trading on Monday, reaching $2.17. The company had a trading volume of 920,905 shares, compared to its average volume of 1,664,290. The stock has a fifty day moving average price of $2.06 and a 200 day moving average price of $2.04. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $313.43 million, a PE ratio of 43.41, a P/E/G ratio of 1.46 and a beta of 1.91. 8x8 Inc has a fifty-two week low of $1.57 and a fifty-two week high of $2.88.

8X8 (NASDAQ:EGHT - Get Free Report) last released its earnings results on Wednesday, November 4th. The company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.08. 8X8 had a net margin of 0.98% and a return on equity of 31.61%. The business had revenue of $192.00 million during the quarter. On average, equities analysts anticipate that 8x8 Inc will post 0.20 earnings per share for the current year.

Institutional Investors Weigh In On 8X8

A number of large investors have recently bought and sold shares of the stock. Cetera Investment Advisers grew its stake in 8X8 by 9.4% in the first quarter. Cetera Investment Advisers now owns 48,053 shares of the company's stock valued at $80,000 after acquiring an additional 4,144 shares during the period. Sei Investments Co. grew its stake in 8X8 by 38.9% in the 1st quarter. Sei Investments Co. now owns 29,209 shares of the company's stock valued at $48,000 after purchasing an additional 8,177 shares during the period. SG Americas Securities LLC grew its position in shares of 8X8 by 38.6% during the 1st quarter. SG Americas Securities LLC now owns 36,910 shares of the company's stock valued at $61,000 after acquiring an additional 10,280 shares during the period. Ground Swell Capital LLC bought a new position in 8X8 during the third quarter valued at $25,000. Finally, Heron Bay Capital Management bought a new position in shares of 8X8 during the 2nd quarter worth $25,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on EGHT shares. Rosenblatt Securities restated a "buy" rating and issued a $3.00 target price on shares of 8X8 in a report on Thursday, September 10th. B. Riley Financial reiterated a "buy" rating and set a $3.25 price target (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of 8X8 in a research report on Tuesday, September 1st. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, 8X8 presently has a consensus rating of "Hold" and a consensus target price of $3.12.

8X8 Company Profile

8x8, Inc is a cloud communications and customer experience technology company that provides voice, video, chat, contact center and communications application programming interface (API) services. Its platform is designed to help businesses manage employee communications and customer interactions through integrated, cloud-based tools.

The company's offerings include 8x8 Work, a unified communications service for business calling, messaging and meetings, and 8x8 Contact Center, which supports customer service operations across voice and digital channels.

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