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 8X8 stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total value of $368,000.00. Following the transaction, the insider now owns 13,885,649 shares of the company's stock, valued at $25,549,594.16. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company's shares 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 stock was sold at an average price of $1.79, for a total transaction 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 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 Stock Performance

EGHT stock traded down $0.07 during midday trading on Friday, reaching $1.74. 1,223,344 shares of the company's stock traded hands, compared to its average volume of 1,112,974. The company has a 50-day moving average price of $1.73 and a two-hundred day moving average price of $2.33. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. 8x8, Inc. has a 52 week low of $1.51 and a 52 week high of $3.52. The firm has a market capitalization of $233.99 million, a PE ratio of -4.83, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79.

Institutional Investors Weigh In On 8X8

Hedge funds and other institutional investors have recently bought and sold shares of the business. Picton Mahoney Asset Management raised its holdings in 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after acquiring an additional 3,876 shares during the period. Captrust Financial Advisors bought a new stake in 8X8 during the 4th quarter valued at $30,000. Cibc World Markets Corp bought a new stake in 8X8 during the 4th quarter valued at $32,000. O Shaughnessy Asset Management LLC bought a new stake in 8X8 during the 4th quarter valued at $34,000. Finally, National Bank of Canada FI bought a new stake in 8X8 during the 1st quarter valued at $26,000. Institutional investors own 93.99% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on EGHT. Mizuho dropped their target price on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating on the stock in a research report on Tuesday, April 15th. Rosenblatt Securities reissued a "buy" rating and set a $2.70 target price on shares of 8X8 in a research report on Tuesday, May 20th. Wall Street Zen cut shares of 8X8 from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 8X8 in a report on Wednesday. Finally, Wells Fargo & Company lowered their price target on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Three investment 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 data from MarketBeat, the stock has a consensus rating of "Hold" and an average 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.