Suzy M. Seandel Sells 7,256 Shares of 8×8, Inc. (NASDAQ:EGHT) Stock

8×8, Inc. (NASDAQ:EGHT) CAO Suzy M. Seandel sold 7,256 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $2.27, for a total transaction of $16,471.12. Following the completion of the sale, the chief accounting officer now owns 275,172 shares of the company’s stock, valued at approximately $624,640.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

8X8 Trading Down 3.6 %

Shares of 8X8 stock opened at $2.15 on Friday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 3.73. The firm has a market cap of $265.35 million, a price-to-earnings ratio of -4.89 and a beta of 1.46. 8×8, Inc. has a 52-week low of $2.14 and a 52-week high of $4.88. The company’s 50-day simple moving average is $2.65 and its 200-day simple moving average is $2.95.

Wall Street Analyst Weigh In

A number of research analysts have commented on EGHT shares. Morgan Stanley dropped their price objective on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Rosenblatt Securities restated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research report on Monday, March 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 price objective on shares of 8X8 in a research report on Thursday, February 1st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, 8X8 has a consensus rating of “Moderate Buy” and a consensus price target of $3.68.

Hedge Funds Weigh In On 8X8

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sylebra Capital LLC purchased a new stake in shares of 8X8 in the third quarter valued at approximately $36,261,000. Vanguard Group Inc. boosted its position in shares of 8X8 by 16.8% during the 3rd quarter. Vanguard Group Inc. now owns 19,220,650 shares of the company’s stock worth $66,311,000 after purchasing an additional 2,763,997 shares in the last quarter. Kent Lake Capital LLC acquired a new position in shares of 8X8 during the 4th quarter worth $10,395,000. Bank of New York Mellon Corp increased its holdings in shares of 8X8 by 210.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company’s stock valued at $7,524,000 after purchasing an additional 2,024,020 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of 8X8 by 1,632.4% in the second quarter. Millennium Management LLC now owns 1,195,098 shares of the company’s stock valued at $6,155,000 after purchasing an additional 1,126,111 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.