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

8×8 Inc (NASDAQ:EGHT) insider Laurence Denny sold 10,000 shares of 8X8 stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $2.32, for a total value of $23,200.00. Following the sale, the insider owned 590,180 shares of the company’s stock, valued at approximately $1,369,217.60. This trade represents a 1.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 stock was sold at an average price of $1.82, for a total transaction of $17,168.06.

8X8 Price Performance

Shares of EGHT traded up $0.04 during midday trading on Monday, reaching $2.17. The stock had a trading volume of 920,905 shares, compared to its average volume of 1,664,290. 8×8 Inc has a 12-month low of $1.57 and a 12-month high of $2.88. The company has a market capitalization of $313.43 million, a price-to-earnings ratio of 43.41, a price-to-earnings-growth ratio of 1.46 and a beta of 1.91. The company’s 50-day moving average is $2.06 and its 200 day moving average is $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 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. 8X8 had a net margin of 0.98% and a return on equity of 31.61%. The company had revenue of $192.00 million for the quarter. On average, equities analysts predict that 8×8 Inc will post 0.20 EPS for the current fiscal year.

Institutional Investors Weigh In On 8X8

A number of large investors have recently made changes to their positions in the company. Ground Swell Capital LLC purchased a new stake in shares of 8X8 in the third quarter worth $25,000. Heron Bay Capital Management bought a new position in 8X8 during the second quarter valued at approximately $25,000. Legal & General Group Plc purchased a new position in shares of 8X8 in the second quarter valued at $26,000. Sequoia Financial Advisors LLC purchased a new position in shares of 8X8 in the 1st quarter worth $25,000. Finally, D Orazio & Associates Inc. bought a new stake in 8X8 during the third quarter worth approximately $55,000. 93.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on EGHT shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of 8X8 in a research report on Tuesday, September 1st. Rosenblatt Securities restated a “buy” rating and issued a $3.00 price objective on shares of 8X8 in a report on Thursday, September 10th. Finally, B. Riley Financial restated a “buy” rating and set a $3.25 price target (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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.12.

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.