Insider Selling: 8x8, Inc. (NYSE:EGHT) Insider Sells 34,703 Shares of Stock

Sat., March 18, 2023 | MarketBeat

8x8, Inc. (NYSE:EGHT - Get Rating) insider Samuel C. Wilson sold 34,703 shares of the company's stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $4.83, for a total transaction of $167,615.49. Following the transaction, the insider now owns 752,350 shares of the company's stock, valued at $3,633,850.50. The transaction was disclosed in a filing with the SEC, which is available through this link.

8X8 Stock Performance

Shares of NYSE:EGHT traded down $0.54 during midday trading on Friday, reaching $4.22. The company had a trading volume of 2,929,548 shares, compared to its average volume of 1,759,870. The stock has a market cap of $477.06 million, a P/E ratio of -4.60 and a beta of 1.31. The company's 50 day moving average price is $5.26 and its 200 day moving average price is $4.39. The company has a current ratio of 1.55, a quick ratio of 1.56 and a debt-to-equity ratio of 5.51. 8x8, Inc. has a 52-week low of $2.87 and a 52-week high of $13.48.

Analysts Set New Price Targets

A number of analysts have weighed in on EGHT shares. Needham & Company LLC boosted their target price on shares of 8X8 from $6.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, February 2nd. Morgan Stanley boosted their price objective on 8X8 from $4.50 to $5.40 and gave the stock an "equal weight" rating in a research report on Thursday, February 2nd. Wells Fargo & Company upped their price objective on 8X8 from $4.00 to $4.50 and gave the company an "underweight" rating in a research note on Thursday, February 2nd. Finally, Wedbush initiated coverage on 8X8 in a report on Wednesday, December 14th. They set a "neutral" rating and a $7.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $7.34.

Hedge Funds Weigh In On 8X8

Institutional investors have recently bought and sold shares of the company. Point72 Middle East FZE purchased a new stake in 8X8 in the fourth quarter worth $100,000. Sylebra Capital Ltd increased its stake in shares of 8X8 by 0.6% in the fourth quarter. Sylebra Capital Ltd now owns 14,328,391 shares of the technology company's stock worth $61,899,000 after purchasing an additional 86,012 shares in the last quarter. CI Private Wealth LLC bought a new stake in shares of 8X8 in the fourth quarter valued at approximately $196,000. Virtu Financial LLC purchased a new stake in shares of 8X8 during the 4th quarter valued at approximately $57,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in 8X8 in the 4th quarter worth approximately $673,000. Hedge funds and other institutional investors own 94.22% of the company's stock.

About 8X8

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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.

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