Insider Selling: 8×8, Inc. (NASDAQ:EGHT) CFO Sells 5,715 Shares of Stock

8×8, Inc. (NASDAQ:EGHT) CFO Kevin Kraus sold 5,715 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $2.51, for a total transaction of $14,344.65. Following the completion of the transaction, the chief financial officer now directly owns 331,783 shares in the company, valued at $832,775.33. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Kevin Kraus also recently made the following trade(s):

• On Wednesday, August 16th, Kevin Kraus sold 404 shares of 8X8 stock. The shares were sold at an average price of $3.47, for a total transaction of $1,401.88.
• On Monday, July 17th, Kevin Kraus sold 478 shares of 8X8 stock. The stock was sold at an average price of $4.49, for a total transaction of $2,146.22.

8X8 Price Performance

Shares of NASDAQ EGHT traded down $0.04 on Tuesday, hitting $2.50. The company’s stock had a trading volume of 1,909,550 shares, compared to its average volume of 1,877,414. The stock has a 50 day moving average of $3.70 and a 200-day moving average of $3.73. The company has a market capitalization of $299.88 million, a price-to-earnings ratio of -4.63 and a beta of 1.31. 8×8, Inc. has a 12-month low of $2.45 and a 12-month high of $6.49. The company has a debt-to-equity ratio of 3.88, a current ratio of 1.16 and a quick ratio of 1.16.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $183.30 million during the quarter, compared to analysts’ expectations of $187.09 million. 8X8 had a negative net margin of 8.44% and a negative return on equity of 41.65%. 8X8’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.14) EPS. As a group, research analysts predict that 8×8, Inc. will post -0.22 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in EGHT. Captrust Financial Advisors raised its position in shares of 8X8 by 832.8% in the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock valued at $38,000 after buying an additional 2,665 shares during the last quarter. ETF Managers Group LLC acquired a new position in 8X8 in the first quarter valued at $26,000. Meeder Asset Management Inc. lifted its position in 8X8 by 1,620.9% during the fourth quarter. Meeder Asset Management Inc. now owns 10,360 shares of the company’s stock worth $45,000 after buying an additional 9,758 shares during the period. Toroso Investments LLC acquired a new stake in 8X8 in the 1st quarter worth about $44,000. Finally, Qtron Investments LLC purchased a new stake in 8X8 in the 4th quarter valued at about $46,000. Institutional investors and hedge funds own 99.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on EGHT shares. StockNews.com initiated coverage on 8X8 in a report on Thursday, August 17th. They issued a “buy” rating on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 price objective on shares of 8X8 in a research report on Monday, August 28th. Needham & Company LLC decreased their target price on shares of 8X8 from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Thursday, August 10th. Mizuho cut their price target on shares of 8X8 from $5.00 to $3.75 and set a “neutral” rating for the company in a report on Monday, August 14th. Finally, Craig Hallum lowered shares of 8X8 from a “buy” rating to a “hold” rating and lowered their target price for the stock from $7.00 to $4.00 in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.13.

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.