8X8 (NASDAQ:EGHT) Stock: Insider Laurence Denny Sells 10,000 Shares

8×8 Inc (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of the business’s stock in a transaction that occurred on 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 sale, the insider directly owned 590,180 shares of the company’s stock, valued at $1,369,217.60. This represents a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Stock Performance

Shares of NASDAQ:EGHT opened at $2.17 on Wednesday. The stock has a market capitalization of $316.60 million, a PE ratio of 6.78, a P/E/G ratio of 1.42 and a beta of 1.91. 8×8 Inc has a 1 year low of $1.57 and a 1 year high of $2.88. The firm has a fifty day moving average price of $2.07 and a 200 day moving average price of $2.04. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.28.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.08. The company had revenue of $192.00 million during the quarter. 8X8 had a return on equity of 31.61% and a net margin of 0.98%. Analysts expect that 8×8 Inc will post 0.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. B. Riley Financial reiterated a “buy” rating and issued a $3.25 target price (up from $3.00) on shares of 8X8 in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of 8X8 from a “sell (d)” rating to a “hold (c-)” rating in a report on Monday. Finally, Rosenblatt Securities reissued a “buy” rating and set a $3.00 target price on shares of 8X8 in a research report on Thursday, September 10th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.12.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently bought and sold shares of the business. Ground Swell Capital LLC bought a new position in shares of 8X8 during the 3rd quarter worth about $25,000. Ritholtz Wealth Management acquired a new position in 8X8 in the third quarter worth about $1,069,000. D Orazio & Associates Inc. acquired a new stake in 8X8 during the third quarter valued at approximately $55,000. Penn Capital Management Company LLC grew its stake in shares of 8X8 by 29.1% in the 3rd quarter. Penn Capital Management Company LLC now owns 482,338 shares of the company’s stock valued at $1,085,000 after purchasing an additional 108,818 shares during the period. Finally, State of Wyoming raised its holdings in shares of 8X8 by 59.6% in the 3rd quarter. State of Wyoming now owns 313,787 shares of the company’s stock worth $706,000 after buying an additional 117,225 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

About 8X8

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.