Sylebra Capital Llc Sells 200,000 Shares of 8x8, Inc. (NASDAQ:EGHT) Stock

8x8, Inc. (NASDAQ:EGHT - Get Free Report) major shareholder Sylebra Capital Llc sold 200,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total transaction of $368,000.00. Following the completion of the transaction, the insider now owns 13,885,649 shares in the company, valued at $25,549,594.16. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own more than 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 Thursday, June 12th, Sylebra Capital Llc sold 103,826 shares of 8X8 stock. The shares were sold at an average price of $1.79, for a total value of $185,848.54.
• 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 value of $226,741.94.
• On Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The shares were sold at an average price of $2.14, for a total value 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 value of $223,000.00.

8X8 Price Performance

Shares of EGHT stock remained flat at $1.74 on Monday. 1,640,087 shares of the stock were exchanged, compared to its average volume of 1,109,797. The firm has a 50 day simple moving average of $1.73 and a 200-day simple moving average of $2.31. 8x8, Inc. has a 52-week low of $1.51 and a 52-week high of $3.52. The company has a debt-to-equity ratio of 3.08, a current ratio of 1.25 and a quick ratio of 1.24. The firm has a market capitalization of $233.99 million, a PE ratio of -4.83, a PEG ratio of 6.08 and a beta of 1.79.

Institutional Trading of 8X8

Hedge funds have recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of 8X8 by 11.0% in the first quarter. Rhumbline Advisers now owns 183,594 shares of the company's stock valued at $367,000 after buying an additional 18,214 shares during the period. Acadian Asset Management LLC boosted its position in 8X8 by 60.7% during the 1st quarter. Acadian Asset Management LLC now owns 2,601,752 shares of the company's stock worth $5,201,000 after buying an additional 982,342 shares during the period. Dynamic Technology Lab Private Ltd grew its holdings in 8X8 by 505.2% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company's stock worth $158,000 after acquiring an additional 66,070 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in 8X8 in the 1st quarter valued at approximately $863,000. Finally, Algert Global LLC acquired a new position in shares of 8X8 during the first quarter worth $29,000. 93.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EGHT has been the subject of several recent analyst reports. Morgan Stanley cut their price objective on shares of 8X8 from $2.60 to $1.90 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. B. Riley restated 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. Wall Street Zen lowered shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of 8X8 in a research note on Wednesday, June 11th. Finally, Rosenblatt Securities restated a "buy" rating and set a $2.70 price objective on shares of 8X8 in a research report on Tuesday, May 20th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $2.51.

8X8 Company Profile

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.