Sylebra Capital Llc Sells 100,000 Shares of 8×8, Inc. (NASDAQ:EGHT) Stock

8×8, Inc. (NASDAQ:EGHT) major shareholder Sylebra Capital Llc sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $2.23, for a total value of $223,000.00. Following the sale, the insider now owns 14,289,476 shares of the company’s stock, valued at $31,865,531.48. This trade represents a 0.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

8X8 Price Performance

EGHT stock opened at $2.16 on Monday. The firm has a 50 day moving average of $2.63 and a 200-day moving average of $2.51. The company has a market cap of $284.46 million, a price-to-earnings ratio of -6.00, a PEG ratio of 6.08 and a beta of 1.78. The company has a current ratio of 1.25, a quick ratio of 1.24 and a debt-to-equity ratio of 3.08. 8×8, Inc. has a 12-month low of $1.51 and a 12-month high of $3.52.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share 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, equities analysts expect that 8×8, Inc. will post 0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EGHT. Cerity Partners LLC grew its stake in 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock valued at $73,000 after acquiring an additional 2,983 shares during the last quarter. Picton Mahoney Asset Management grew its position 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 valued at $30,000 after purchasing an additional 3,876 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of 8X8 by 0.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 679,581 shares of the company’s stock worth $1,386,000 after purchasing an additional 4,145 shares in the last quarter. Rhumbline Advisers raised its position in shares of 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after purchasing an additional 8,100 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 8X8 by 14.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company’s stock valued at $195,000 after buying an additional 9,093 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on EGHT. Mizuho downgraded 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 report on Friday, December 13th. Rosenblatt Securities cut their price target on shares of 8X8 from $3.50 to $3.30 and set a “buy” rating for the company in a report on Monday, February 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 8X8 in a report on Saturday. Barclays increased their target price on 8X8 from $2.50 to $3.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley lifted their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.99.

8X8 Company Profile

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.