8×8, Inc. (NYSE:EGHT – Get Rating) SVP Matthew Zinn sold 5,961 shares of the business’s stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $5.27, for a total transaction of $31,414.47. Following the sale, the senior vice president now owns 82,426 shares in the company, valued at $434,385.02. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Matthew Zinn also recently made the following trade(s):

• On Tuesday, May 17th, Matthew Zinn sold 6,662 shares of 8X8 stock. The stock was sold at an average price of $7.94, for a total transaction of $52,896.28.
• On Sunday, May 15th, Matthew Zinn sold 3,763 shares of 8X8 stock. The stock was sold at an average price of $7.94, for a total transaction of $29,878.22.
• On Monday, April 18th, Matthew Zinn sold 762 shares of 8X8 stock. The stock was sold at an average price of $10.81, for a total transaction of $8,237.22.

Shares of 8X8 stock traded up $0.31 during trading on Friday, hitting $5.59. The stock had a trading volume of 3,774,411 shares, compared to its average volume of 1,797,039. The stock has a 50 day simple moving average of $8.48 and a 200 day simple moving average of $12.62. The company has a market capitalization of $660.93 million, a PE ratio of -3.39 and a beta of 1.10. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 3.76. 8×8, Inc. has a 1 year low of $5.18 and a 1 year high of $28.68.

8X8 (NYSE:EGHT – Get Rating) last released its earnings results on Wednesday, May 11th. The technology company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.12. The business had revenue of $181.37 million for the quarter, compared to the consensus estimate of $180.87 million. 8X8 had a negative net margin of 29.07% and a negative return on equity of 96.59%. The firm’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.33) earnings per share. As a group, equities analysts expect that 8×8, Inc. will post -1.24 earnings per share for the current fiscal year.

Several brokerages have recently issued reports on EGHT. Wells Fargo & Company lowered their price objective on shares of 8X8 from $15.00 to $11.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 15th. Barclays lowered their price objective on shares of 8X8 from $17.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 26th. Mizuho lowered their price objective on shares of 8X8 from $15.00 to $10.00 in a research note on Wednesday, May 11th. BTIG Research lowered their price objective on shares of 8X8 from $36.00 to $16.00 in a research note on Wednesday, May 11th. Finally, Needham & Company LLC lowered their price objective on shares of 8X8 from $22.00 to $13.00 in a research note on Wednesday, May 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.29.

Several hedge funds have recently bought and sold shares of the stock. Voya Investment Management LLC boosted its holdings in shares of 8X8 by 1.5% during the third quarter. Voya Investment Management LLC now owns 43,208 shares of the technology company’s stock worth $1,011,000 after purchasing an additional 634 shares during the period. Synovus Financial Corp boosted its holdings in shares of 8X8 by 2.9% during the fourth quarter. Synovus Financial Corp now owns 25,344 shares of the technology company’s stock worth $422,000 after purchasing an additional 720 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of 8X8 by 0.8% during the third quarter. Thrivent Financial for Lutherans now owns 90,557 shares of the technology company’s stock worth $2,118,000 after purchasing an additional 721 shares during the period. State of Tennessee Treasury Department boosted its holdings in shares of 8X8 by 1.6% during the fourth quarter. State of Tennessee Treasury Department now owns 50,300 shares of the technology company’s stock worth $843,000 after purchasing an additional 800 shares during the period. Finally, Louisiana State Employees Retirement System lifted its stake in 8X8 by 2.2% in the fourth quarter. Louisiana State Employees Retirement System now owns 55,200 shares of the technology company’s stock valued at $925,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 92.72% of the company’s stock.

8X8 Company Profile (Get Rating)

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. The company offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

Further Reading

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