Laurence Denny Sells 9,433 Shares of 8X8 (NASDAQ:EGHT) Stock

8×8 Inc (NASDAQ:EGHT) insider Laurence Denny sold 9,433 shares of 8X8 stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $1.82, for a total transaction of $17,168.06. Following the completion of the sale, the insider owned 604,281 shares of the company’s stock, valued at $1,099,791.42. This trade represents a 1.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

8X8 Stock Performance

NASDAQ EGHT opened at $1.83 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.83. The company has a market capitalization of $264.33 million, a P/E ratio of 45.76, a P/E/G ratio of 1.27 and a beta of 1.84. 8×8 Inc has a 12-month low of $1.57 and a 12-month high of $2.88. The firm has a 50-day moving average price of $1.97 and a two-hundred day moving average price of $1.99.

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

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $3.00 target price on shares of 8X8 in a report on Thursday, September 10th. B. Riley Financial reaffirmed a “buy” rating and set a $3.25 price target (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of 8X8 in a research report on Tuesday, September 1st. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $3.12.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently modified their holdings of EGHT. BlackRock Inc. acquired a new position in shares of 8X8 during the second quarter worth $20,624,000. Bank of America Corp DE acquired a new stake in 8X8 in the second quarter valued at $2,823,000. Algert Global LLC raised its position in 8X8 by 944.3% during the 2nd quarter. Algert Global LLC now owns 1,284,026 shares of the company’s stock worth $2,196,000 after purchasing an additional 1,161,066 shares during the last quarter. S Squared Technology LLC bought a new position in 8X8 during the 2nd quarter worth $1,597,544. Finally, Deutsche Bank AG acquired a new position in 8X8 during the 2nd quarter worth about $1,237,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Company Profile

8×8, Inc is a cloud communications and customer engagement company that provides voice, video, messaging, contact center and application programming interface (API) services through its integrated platform. Its offerings are designed to help businesses manage internal communications, customer interactions and digital workflows from the cloud.

The company’s product portfolio includes 8×8 Work, a unified communications solution for business calling, team messaging and meetings, and 8×8 Contact Center, which supports customer service operations across voice and digital channels.