Insider Selling: 8X8 (NASDAQ:EGHT) Insider Sells $23,200.00 in Stock

8×8 Inc (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $2.32, for a total value of $23,200.00. Following the completion of the sale, the insider directly owned 590,180 shares of the company’s stock, valued at $1,369,217.60. The trade was a 1.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Laurence Denny also recently made the following trade(s):

• On Friday, September 11th, Laurence Denny sold 9,433 shares of 8X8 stock. The shares were sold at an average price of $1.82, for a total value of $17,168.06.

8X8 Stock Up 6.0%

EGHT stock opened at $2.30 on Thursday. 8×8 Inc has a fifty-two week low of $1.57 and a fifty-two week high of $2.88. The business’s 50-day moving average is $2.08 and its two-hundred day moving average is $2.04. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $335.57 million, a price-to-earnings ratio of 46.01, a P/E/G ratio of 1.42 and a beta of 1.91.

8X8 (NASDAQ:EGHT) last announced its earnings results on Wednesday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.08. The business had revenue of $192.00 million for the quarter. 8X8 had a return on equity of 31.61% and a net margin of 0.98%. As a group, analysts forecast that 8×8 Inc will post 0.22 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. B. Riley Financial reissued a “buy” rating and issued a $3.25 price objective (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Rosenblatt Securities restated a “buy” rating and set a $3.00 target price on shares of 8X8 in a research report on Thursday, September 10th. Finally, Weiss Ratings raised shares of 8X8 from a “sell (d)” rating to a “hold (c-)” rating in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.12.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EGHT. Sequoia Financial Advisors LLC purchased a new stake in 8X8 during the 1st quarter valued at approximately $25,000. Heron Bay Capital Management bought a new position in shares of 8X8 during the second quarter worth $25,000. Ground Swell Capital LLC bought a new position in shares of 8X8 during the third quarter worth $25,000. Legal & General Group Plc bought a new position in shares of 8X8 during the second quarter worth $26,000. Finally, Amundi purchased a new position in 8X8 during the second quarter valued at $43,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

8×8, Inc. is a cloud communications and customer experience technology company that provides voice, video, chat, contact center and communications application programming interface (API) services. Its platform is designed to help businesses manage employee communications and customer interactions through integrated, cloud-based tools. The company’s offerings include 8×8 Work, a unified communications service for business calling, messaging and meetings, and 8×8 Contact Center, which supports customer service operations across voice and digital channels.