Kevin Kraus Sells 34,329 Shares of 8X8 (NASDAQ:EGHT) Stock

Key Points

• 8X8 CFO Kevin Kraus sold 34,329 shares at an average price of $2.32, generating $79,643.28. His remaining stake totaled 958,324 shares, representing a 3.46% reduction in his position.
• 8X8 shares fell 2.6% to $2.24, while institutional investors continued to hold a substantial 93.99% of the company’s stock. BlackRock also acquired a new stake worth approximately $20.6 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $2.72 price target; Rosenblatt Securities and B. Riley maintained Buy ratings with targets of $3.00 and $3.25, respectively.

8x8 Inc (NASDAQ:EGHT - Get Free Report) CFO Kevin Kraus sold 34,329 shares of 8X8 stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $2.32, for a total transaction of $79,643.28. Following the completion of the transaction, the chief financial officer owned 958,324 shares of the company's stock, valued at $2,223,311.68. This trade represents a 3.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

8X8 Stock Down 2.6%

Shares of EGHT stock traded down $0.06 during trading hours on Monday, reaching $2.24. 2,335,604 shares of the stock were exchanged, compared to its average volume of 1,774,476. The firm has a market capitalization of $323.55 million, a P/E ratio of 56.01, a P/E/G ratio of 1.66 and a beta of 1.83. The business's fifty day moving average is $1.91 and its two-hundred day moving average is $2.03. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.05 and a quick ratio of 1.05. 8x8 Inc has a 12-month low of $1.57 and a 12-month high of $2.88.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EGHT. BlackRock Inc. acquired a new stake in shares of 8X8 in the 2nd quarter worth approximately $20,624,000. Bank of America Corp DE boosted its position in 8X8 by 31.9% during the third quarter. Bank of America Corp DE now owns 6,234,230 shares of the company's stock worth $13,217,000 after purchasing an additional 1,506,586 shares in the last quarter. Deutsche Bank AG purchased a new stake in 8X8 during the second quarter worth $1,237,000. JPMorgan Chase & Co. grew its holdings in 8X8 by 33.3% in the second quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company's stock valued at $4,932,000 after purchasing an additional 628,024 shares during the last quarter. Finally, Boston Partners grew its holdings in 8X8 by 7.9% in the third quarter. Boston Partners now owns 8,582,614 shares of the company's stock valued at $18,192,000 after purchasing an additional 625,479 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on EGHT. Rosenblatt Securities reaffirmed a "buy" rating and issued a $3.00 target price on shares of 8X8 in a report on Wednesday, August 5th. Weiss Ratings raised shares of 8X8 from a "sell (e+)" rating to a "sell (d)" rating in a research report on Thursday, June 4th. Finally, B. Riley Financial reaffirmed a "buy" rating and issued a $3.25 target price (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, 8X8 currently has a consensus rating of "Hold" and a consensus price target of $2.72.

8X8 Company Profile

8x8, Inc NASDAQ: EGHT is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company's unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8x8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8x8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.

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