Andrew Burton Sells 107,085 Shares of 8X8 (NASDAQ:EGHT) Stock

8×8 Inc (NASDAQ:EGHT) Director Andrew Burton sold 107,085 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $1.81, for a total value of $193,823.85. Following the completion of the sale, the director directly owned 151,615 shares in the company, valued at $274,423.15. This represents a 41.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

8X8 Stock Up 0.3%

Shares of 8X8 stock traded up $0.01 on Monday, reaching $1.84. 1,389,359 shares of the company were exchanged, compared to its average volume of 1,704,732. The stock’s 50 day moving average price is $1.98 and its 200-day moving average price is $1.99. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.05 and a quick ratio of 1.05. 8×8 Inc has a 1-year low of $1.57 and a 1-year high of $2.88. The company has a market cap of $266.49 million, a P/E ratio of 46.14, a price-to-earnings-growth ratio of 1.26 and a beta of 1.84.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, August 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.05. 8X8 had a net margin of 0.64% and a return on equity of 28.72%. The firm had revenue of $190.17 million for the quarter, compared to analysts’ expectations of $182.47 million. 8X8 has set its FY 2027 guidance at 0.330-0.380 EPS and its Q2 2027 guidance at 0.070-0.080 EPS. As a group, equities analysts forecast that 8×8 Inc will post 0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on EGHT shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of 8X8 in a research report on Tuesday, September 1st. B. Riley Financial restated a “buy” rating and set a $3.25 target price (up from $3.00) on shares of 8X8 in a research note on Wednesday, August 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $3.00 price target on shares of 8X8 in a report on Thursday. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.12.

Institutional Investors Weigh In On 8X8

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. Heron Bay Capital Management purchased a new position in shares of 8X8 during the second quarter worth about $25,000. Legal & General Group Plc purchased a new stake in shares of 8X8 in the 2nd quarter valued at about $26,000. Sequoia Financial Advisors LLC acquired a new stake in shares of 8X8 in the 1st quarter valued at about $25,000. M&T Bank Corp acquired a new stake in shares of 8X8 in the 4th quarter valued at about $45,000. Finally, Abacus Wealth Partners LLC purchased a new position in 8X8 during the 4th quarter worth approximately $45,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

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.