8x8, Inc. (NASDAQ:EGHT) Major Shareholder Sylebra Capital Llc Sells 103,826 Shares

8x8, Inc. (NASDAQ:EGHT - Get Free Report) major shareholder Sylebra Capital Llc sold 103,826 shares of 8X8 stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total value of $185,848.54. Following the completion of the sale, the insider now owns 13,781,823 shares of the company's stock, valued at approximately $24,669,463.17. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Sylebra Capital Llc also recently made the following trade(s):

• On Wednesday, June 11th, Sylebra Capital Llc sold 200,000 shares of 8X8 stock. The stock was sold at an average price of $1.84, for a total transaction of $368,000.00.
• On Monday, March 24th, Sylebra Capital Llc sold 101,678 shares of 8X8 stock. The shares were sold at an average price of $2.23, for a total transaction of $226,741.94.
• On Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00.
• On Wednesday, March 19th, Sylebra Capital Llc sold 100,000 shares of 8X8 stock. The shares were sold at an average price of $2.23, for a total transaction of $223,000.00.

8X8 Price Performance

NASDAQ EGHT remained flat at $1.74 on Monday. The company had a trading volume of 1,640,087 shares, compared to its average volume of 1,109,797. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The business has a 50-day moving average price of $1.73 and a two-hundred day moving average price of $2.31. 8x8, Inc. has a twelve month low of $1.51 and a twelve month high of $3.52. The stock has a market capitalization of $233.99 million, a PE ratio of -4.83, a P/E/G ratio of 6.08 and a beta of 1.79.

Institutional Trading of 8X8

Institutional investors have recently made changes to their positions in the company. Cerity Partners LLC boosted its stake in 8X8 by 11.8% in the fourth quarter. Cerity Partners LLC now owns 28,239 shares of the company's stock valued at $73,000 after acquiring an additional 2,983 shares during the last quarter. Picton Mahoney Asset Management raised its holdings in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock worth $30,000 after purchasing an additional 3,876 shares during the period. Rhumbline Advisers raised its holdings in shares of 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock worth $442,000 after purchasing an additional 8,100 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 8X8 by 14.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company's stock valued at $195,000 after purchasing an additional 9,093 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in 8X8 by 1.5% during the fourth quarter. Federated Hermes Inc. now owns 623,453 shares of the company's stock valued at $1,665,000 after purchasing an additional 9,114 shares during the period. Institutional investors own 93.99% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on EGHT shares. Rosenblatt Securities restated a "buy" rating and issued a $2.70 target price on shares of 8X8 in a research note on Tuesday, May 20th. B. Riley restated a "buy" rating and set a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Morgan Stanley lowered their target price on 8X8 from $2.60 to $1.90 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Mizuho reduced their price target on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research report on Tuesday, April 15th. Finally, Wall Street Zen downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 29th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $2.51.

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.