8X8 (NASDAQ:EGHT) Director Sells $36,574.67 in Stock

8×8 Inc (NASDAQ:EGHT) Director Elizabeth Harriet Theophille sold 20,207 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $1.81, for a total transaction of $36,574.67. Following the completion of the sale, the director directly owned 167,086 shares of the company’s stock, valued at $302,425.66. This represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

8X8 Trading Up 3.2%

8X8 stock traded up $0.06 during midday trading on Tuesday, hitting $1.91. 2,024,015 shares of the stock were exchanged, compared to its average volume of 1,780,738. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.93. The stock’s 50-day simple moving average is $1.92 and its 200 day simple moving average is $2.01. 8×8 Inc has a fifty-two week low of $1.56 and a fifty-two week high of $2.88. The stock has a market capitalization of $270.80 million, a price-to-earnings ratio of 7.12, a PEG ratio of 1.34 and a beta of 1.84.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently made changes to their positions in EGHT. Sequoia Financial Advisors LLC acquired a new position in shares of 8X8 in the 1st quarter worth approximately $25,000. Prelude Capital Management LLC purchased a new stake in 8X8 in the third quarter valued at approximately $26,000. CIBC Bancorp USA Inc. acquired a new position in 8X8 during the third quarter worth $30,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of 8X8 during the third quarter worth $31,000. Finally, Abel Hall LLC acquired a new stake in shares of 8X8 in the fourth quarter valued at $33,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EGHT has been the subject of several analyst reports. Zacks Research lowered 8X8 from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Rosenblatt Securities lifted their target price on 8X8 from $2.75 to $3.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Finally, Weiss Ratings raised 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.45.

About 8X8

8×8, 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, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

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