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

8×8 Inc (NASDAQ:EGHT) CFO Kevin Kraus sold 34,329 shares of the company’s stock in a transaction on Friday, August 7th. The stock was 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 directly owned 958,324 shares in the company, valued at approximately $2,223,311.68. The trade was a 3.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

8X8 Trading Down 4.5%

Shares of EGHT stock opened at $2.14 on Wednesday. The company has a market capitalization of $309.10 million, a PE ratio of 53.51, a price-to-earnings-growth ratio of 1.62 and a beta of 1.83. 8×8 Inc has a 52-week low of $1.57 and a 52-week high of $2.88. The business’s fifty day moving average is $1.91 and its 200 day moving average is $2.03. The company has a debt-to-equity ratio of 1.83, a quick ratio of 1.05 and a current ratio of 1.05.

Wall Street Analyst Weigh In

Several research analysts have recently commented on EGHT shares. B. Riley Financial reissued a “buy” rating and set a $3.25 price objective (up from $3.00) on shares of 8X8 in a report on Wednesday, August 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $3.00 target price on shares of 8X8 in a research note on Wednesday, August 5th. Finally, Weiss Ratings raised shares of 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a research note on Thursday, June 4th. 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.72.

Institutional Investors Weigh In On 8X8

A number of large investors have recently added to or reduced their stakes in the company. Ieq Capital LLC bought a new stake in 8X8 during the second quarter worth about $428,000. Heron Bay Capital Management bought a new position in shares of 8X8 during the 2nd quarter valued at about $25,000. BlackRock Inc. purchased a new position in shares of 8X8 during the 2nd quarter valued at about $20,624,000. Deutsche Bank AG purchased a new position in shares of 8X8 during the 2nd quarter valued at about $1,237,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in 8X8 in the 2nd quarter worth approximately $80,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.