Kevin Kraus Sells 34,329 Shares of 8X8 (NASDAQ:EGHT) Stock

8×8 Inc (NASDAQ:EGHT) CFO Kevin Kraus sold 34,329 shares of 8X8 stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $2.32, for a total transaction of $79,643.28. Following the completion of the transaction, the chief financial officer owned 958,324 shares of the company’s stock, valued at $2,223,311.68. This trade represents a 3.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

8X8 Stock Down 2.6%

Shares of EGHT stock traded down $0.06 during trading hours on Monday, reaching $2.24. 2,335,604 shares of the stock were exchanged, compared to its average volume of 1,774,476. The firm has a market capitalization of $323.55 million, a P/E ratio of 56.01, a P/E/G ratio of 1.66 and a beta of 1.83. The business’s fifty day moving average is $1.91 and its two-hundred day moving average is $2.03. 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 12-month low of $1.57 and a 12-month high of $2.88.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EGHT. BlackRock Inc. acquired a new stake in shares of 8X8 in the 2nd quarter worth approximately $20,624,000. Bank of America Corp DE boosted its position in 8X8 by 31.9% during the third quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock worth $13,217,000 after purchasing an additional 1,506,586 shares in the last quarter. Deutsche Bank AG purchased a new stake in 8X8 during the second quarter worth $1,237,000. JPMorgan Chase & Co. grew its holdings in 8X8 by 33.3% in the second quarter. JPMorgan Chase & Co. now owns 2,516,232 shares of the company’s stock valued at $4,932,000 after purchasing an additional 628,024 shares during the last quarter. Finally, Boston Partners grew its holdings in 8X8 by 7.9% in the third quarter. Boston Partners now owns 8,582,614 shares of the company’s stock valued at $18,192,000 after purchasing an additional 625,479 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on EGHT. Rosenblatt Securities reaffirmed a “buy” rating and issued a $3.00 target price on shares of 8X8 in a report on Wednesday, August 5th. Weiss Ratings raised shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research report on Thursday, June 4th. Finally, B. Riley Financial reaffirmed 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 issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, 8X8 currently has a consensus rating of “Hold” and a consensus price target of $2.72.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.