8X8 (NASDAQ:EGHT) CFO Sells 34,329 Shares

8×8 Inc (NASDAQ:EGHT) CFO Kevin Kraus sold 34,329 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $2.32, for a total transaction of $79,643.28. Following the transaction, the chief financial officer directly owned 958,324 shares of the company’s stock, valued at approximately $2,223,311.68. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

8X8 Price Performance

EGHT stock traded down $0.06 on Monday, reaching $2.24. The company had a trading volume of 2,335,604 shares, compared to its average volume of 1,774,476. The company’s fifty day moving average is $1.91 and its 200 day moving average is $2.03. The company has a market cap of $323.55 million, a P/E ratio of 56.01, a PEG ratio of 1.66 and a beta of 1.83. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.05 and a current ratio of 1.05. 8×8 Inc has a 1 year low of $1.57 and a 1 year high of $2.88.

Analyst Ratings Changes

EGHT has been the subject of a number of recent research reports. Weiss Ratings upgraded 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research report on Thursday, June 4th. B. Riley Financial restated 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. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $3.00 price target on shares of 8X8 in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $2.72.

Institutional Investors Weigh In On 8X8

Several institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Dynamic Technology Lab Private Ltd lifted its stake in shares of 8X8 by 505.2% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 79,147 shares of the company’s stock valued at $158,000 after purchasing an additional 66,070 shares in the last quarter. Geode Capital Management LLC increased its position in 8X8 by 2.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,228,294 shares of the company’s stock worth $6,329,000 after purchasing an additional 84,176 shares in the last quarter. Cetera Investment Advisers acquired a new stake in 8X8 during the 2nd quarter worth approximately $55,000. JPMorgan Chase & Co. raised 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 buying an additional 628,024 shares during the period. Finally, Rhumbline Advisers raised its holdings in 8X8 by 10.8% in the second quarter. Rhumbline Advisers now owns 203,407 shares of the company’s stock valued at $399,000 after buying an additional 19,813 shares during the period. 93.99% of the stock is currently owned by institutional investors and hedge funds.

8X8 Company Profile

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.