8X8 (NASDAQ:EGHT) Insider Laurence Denny Sells 10,000 Shares of Stock
by Tristan Rich · The Markets Daily8×8 Inc (NASDAQ:EGHT – Get Free Report) insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $2.32, for a total transaction of $23,200.00. Following the completion of the transaction, the insider directly owned 590,180 shares in the company, valued at $1,369,217.60. This represents a 1.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Laurence Denny also recently made the following trade(s):
- On Friday, September 11th, Laurence Denny sold 9,433 shares of 8X8 stock. The shares were sold at an average price of $1.82, for a total transaction of $17,168.06.
8X8 Price Performance
8X8 stock opened at $2.17 on Tuesday. The stock has a market cap of $313.43 million, a price-to-earnings ratio of 7.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.91. 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 firm has a 50-day moving average of $2.06 and a two-hundred day moving average of $2.04.
8X8 (NASDAQ:EGHT – Get Free Report) last issued its earnings results on Wednesday, November 4th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.08. The business had revenue of $192.00 million for the quarter. 8X8 had a net margin of 0.98% and a return on equity of 32.17%. On average, research analysts forecast that 8×8 Inc will post 0.20 earnings per share for the current year.
Wall Street Analyst Weigh In
Several research firms have commented on EGHT. Rosenblatt Securities restated a “buy” rating and set a $3.00 price objective on shares of 8X8 in a report on Thursday, September 10th. Weiss Ratings reiterated a “sell (d)” rating on shares of 8X8 in a report on Tuesday, September 1st. Finally, B. Riley Financial reiterated a “buy” rating and issued a $3.25 target price (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $3.12.
Get Our Latest Stock Report on 8X8
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in EGHT. Ground Swell Capital LLC purchased a new stake in shares of 8X8 in the 3rd quarter worth approximately $25,000. Heron Bay Capital Management purchased a new position in 8X8 during the second quarter valued at approximately $25,000. Legal & General Group Plc purchased a new position in 8X8 during the second quarter valued at approximately $26,000. Sequoia Financial Advisors LLC purchased a new position in 8X8 during the first quarter valued at approximately $25,000. Finally, D Orazio & Associates Inc. bought a new position in 8X8 in the third quarter worth approximately $55,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.
8X8 Company Profile
8×8, Inc is a cloud communications and customer experience technology company that provides voice, video, chat, contact center and communications application programming interface (API) services. Its platform is designed to help businesses manage employee communications and customer interactions through integrated, cloud-based tools.
The company’s offerings include 8×8 Work, a unified communications service for business calling, messaging and meetings, and 8×8 Contact Center, which supports customer service operations across voice and digital channels.