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

8x8, Inc. (NASDAQ:EGHT - Get Free Report) major shareholder Sylebra Capital Llc sold 103,826 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the completion of the transaction, the insider now directly owns 13,781,823 shares in the company, valued at approximately $24,669,463.17. The trade was a 0.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions 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 stock was 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 stock was sold at an average price of $2.23, for a total transaction of $223,000.00.

8X8 Trading Down 3.9%

NASDAQ EGHT traded down $0.07 during trading on Friday, hitting $1.74. 1,223,344 shares of the company's stock traded hands, compared to its average volume of 1,112,974. The stock has a fifty day moving average of $1.73 and a two-hundred day moving average of $2.33. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. 8x8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52. The firm has a market cap of $233.99 million, a P/E ratio of -4.83, a PEG ratio of 6.08 and a beta of 1.79.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. B. Riley reiterated a "buy" rating and issued a $3.00 target price (down from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Rosenblatt Securities reiterated a "buy" rating and issued a $2.70 target price on shares of 8X8 in a research report on Tuesday, May 20th. Wall Street Zen lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 29th. Mizuho cut their target price 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, Weiss Ratings reiterated a "sell (d-)" rating on shares of 8X8 in a research report on Wednesday. Three equities research 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's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $2.51.

Institutional Trading of 8X8

Several institutional investors have recently added to or reduced their stakes in EGHT. Rhumbline Advisers boosted its position in 8X8 by 5.2% during the fourth quarter. Rhumbline Advisers now owns 165,380 shares of the company's stock valued at $442,000 after buying an additional 8,100 shares during the period. Ieq Capital LLC purchased a new stake in shares of 8X8 during the fourth quarter worth about $85,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of 8X8 by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,418,743 shares of the company's stock worth $3,788,000 after purchasing an additional 80,042 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of 8X8 during the fourth quarter worth about $144,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of 8X8 by 17.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 798,267 shares of the company's stock worth $2,131,000 after purchasing an additional 118,686 shares during the period. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

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.