8×8, Inc. (NASDAQ:EGHT) CAO Sells $16,471.12 in Stock

8×8, Inc. (NASDAQ:EGHT) CAO Suzy M. Seandel sold 7,256 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $2.27, for a total value of $16,471.12. Following the sale, the chief accounting officer now owns 275,172 shares of the company’s stock, valued at $624,640.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

8X8 Price Performance

Shares of NASDAQ:EGHT traded down $0.06 during trading on Wednesday, reaching $2.23. The stock had a trading volume of 981,905 shares, compared to its average volume of 1,472,884. 8×8, Inc. has a 52 week low of $2.15 and a 52 week high of $4.88. The business’s 50-day moving average price is $2.67 and its 200 day moving average price is $2.96. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a market capitalization of $275.23 million, a PE ratio of -5.07 and a beta of 1.46.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in shares of 8X8 by 4.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 45,598 shares of the company’s stock valued at $197,000 after acquiring an additional 1,881 shares during the last quarter. First Trust Advisors LP raised its position in 8X8 by 10.4% in the 1st quarter. First Trust Advisors LP now owns 24,019 shares of the company’s stock worth $302,000 after purchasing an additional 2,268 shares during the last quarter. Prudential Financial Inc. raised its position in 8X8 by 2.2% in the 1st quarter. Prudential Financial Inc. now owns 123,113 shares of the company’s stock worth $1,550,000 after purchasing an additional 2,630 shares during the last quarter. Captrust Financial Advisors raised its position in 8X8 by 832.8% in the 1st quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock worth $38,000 after purchasing an additional 2,665 shares during the last quarter. Finally, Balyasny Asset Management LLC raised its position in 8X8 by 14.2% in the 3rd quarter. Balyasny Asset Management LLC now owns 23,215 shares of the company’s stock worth $80,000 after purchasing an additional 2,889 shares during the last quarter. Institutional investors own 93.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on EGHT. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. Needham & Company LLC reissued a “buy” rating and set a $5.00 target price on shares of 8X8 in a research report on Thursday, February 1st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $3.72.

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.