8×8, Inc. (NASDAQ:EGHT) Major Shareholder Sylebra Capital Llc Sells 101,678 Shares

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 101,678 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $2.23, for a total transaction of $226,741.94. Following the completion of the transaction, the insider now directly owns 14,085,649 shares of the company’s stock, valued at approximately $31,410,997.27. This represents a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Sylebra Capital Llc also recently made the following trade(s):

• On Friday, March 21st, Sylebra Capital Llc sold 50,000 shares of 8X8 stock. The shares were sold at an average price of $2.14, for a total value of $107,000.00.
• On Wednesday, March 19th, Sylebra Capital Llc sold 100,000 shares of 8X8 stock. The shares were sold at an average price of $2.23, for a total value of $223,000.00.

8X8 Price Performance

Shares of NASDAQ:EGHT traded down $0.02 during trading on Wednesday, reaching $2.20. 630,385 shares of the company’s stock traded hands, compared to its average volume of 992,695. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. 8×8, Inc. has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The company has a 50-day simple moving average of $2.61 and a 200-day simple moving average of $2.52. The firm has a market cap of $289.73 million, a PE ratio of -6.11, a P/E/G ratio of 6.08 and a beta of 1.78.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. As a group, analysts predict that 8×8, Inc. will post 0.04 earnings per share for the current year.

Institutional Trading of 8X8

Institutional investors have recently modified their holdings of the stock. Pallas Capital Advisors LLC acquired a new stake in 8X8 during the 4th quarter worth $29,000. Picton Mahoney Asset Management lifted its stake in shares of 8X8 by 53.6% in the fourth quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock worth $30,000 after buying an additional 3,876 shares in the last quarter. Captrust Financial Advisors acquired a new position in 8X8 during the fourth quarter worth about $30,000. Cibc World Markets Corp purchased a new stake in 8X8 during the 4th quarter valued at about $32,000. Finally, O Shaughnessy Asset Management LLC acquired a new stake in 8X8 in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Rosenblatt Securities reduced their price objective on 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a research note on Monday, February 3rd. Morgan Stanley lifted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Mizuho lowered shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Weiss Ratings restated a “sell (d-)” rating on shares of 8X8 in a research report on Saturday. Finally, StockNews.com downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.99.

About 8X8

8×8, 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.