8×8, Inc. (EGHT) SVP Sells $186,000.00 in Stock

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8×8, Inc. (NASDAQ:EGHT) SVP Darren J. Hakeman sold 8,000 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $23.25, for a total transaction of $186,000.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Shares of EGHT traded up $0.05 during trading hours on Thursday, reaching $22.65. 9,072 shares of the stock traded hands, compared to its average volume of 889,988. 8×8, Inc. has a 52-week low of $12.00 and a 52-week high of $23.45.

8X8 (NASDAQ:EGHT) last released its earnings results on Thursday, July 26th. The technology company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company had revenue of $83.20 million for the quarter, compared to analysts’ expectations of $81.02 million. During the same quarter in the previous year, the company earned $0.02 EPS. 8X8’s revenue for the quarter was up 20.4% on a year-over-year basis. equities analysts expect that 8×8, Inc. will post -0.12 earnings per share for the current year.

A number of brokerages have recently issued reports on EGHT. BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 10th. William Blair reissued a “hold” rating on shares of 8X8 in a research report on Wednesday, May 16th. Bank of America downgraded shares of 8X8 from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $22.00 to $23.00 in a research report on Friday, May 25th. Zacks Investment Research raised shares of 8X8 from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of 8X8 in a research report on Friday, July 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $23.57.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in shares of 8X8 during the 2nd quarter valued at $108,000. PNC Financial Services Group Inc. lifted its stake in shares of 8X8 by 352.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,831 shares of the technology company’s stock valued at $147,000 after buying an additional 6,099 shares in the last quarter. OppenheimerFunds Inc. purchased a new stake in 8X8 in the 2nd quarter worth $201,000. Laurion Capital Management LP purchased a new stake in 8X8 in the 2nd quarter worth $215,000. Finally, SG Americas Securities LLC purchased a new stake in 8X8 in the 1st quarter worth $234,000. Institutional investors own 71.56% of the company’s stock.

8X8 Company Profile

8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.

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