Investors Buy High Volume of Put Options on 8X8 (NYSE:EGHT)

8×8, Inc. (NYSE:EGHT) saw unusually large options trading activity on Thursday. Stock traders bought 19,055 put options on the company. This represents an increase of 1,377% compared to the average daily volume of 1,290 put options.

Shares of EGHT stock opened at $25.76 on Friday. 8X8 has a fifty-two week low of $13.69 and a fifty-two week high of $39.17. The stock has a market capitalization of $2.83 billion, a PE ratio of -16.41 and a beta of 1.11. The firm has a fifty day moving average price of $28.65. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 1.92.

8X8 (NYSE:EGHT) last announced its quarterly earnings results on Monday, May 10th. The technology company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.32). The firm had revenue of $144.70 million during the quarter, compared to analysts’ expectations of $139.96 million. 8X8 had a negative net margin of 31.10% and a negative return on equity of 73.97%. The company’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.12) EPS. Analysts forecast that 8X8 will post -0.84 EPS for the current year.

A number of research firms have recently issued reports on EGHT. Craig Hallum reaffirmed a “hold” rating on shares of 8X8 in a report on Monday, May 17th. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a report on Monday, May 24th. B. Riley reaffirmed a “neutral” rating and set a $25.00 target price (down previously from $32.50) on shares of 8X8 in a report on Tuesday, May 11th. Bank of America started coverage on shares of 8X8 in a research report on Tuesday, April 20th. They set a “neutral” rating and a $39.00 price target on the stock. Finally, Morgan Stanley lowered their price target on shares of 8X8 from $35.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Friday, May 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $31.21.

In other news, SVP Matthew Zinn sold 950 shares of 8X8 stock in a transaction that occurred on Monday, April 26th. The shares were sold at an average price of $34.03, for a total transaction of $32,328.50. Following the completion of the transaction, the senior vice president now directly owns 45,416 shares of the company’s stock, valued at approximately $1,545,506.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO David Sipes purchased 43,000 shares of the business’s stock in a transaction that occurred on Monday, June 7th. The stock was bought at an average cost of $23.47 per share, with a total value of $1,009,210.00. Following the acquisition, the chief executive officer now owns 518,728 shares in the company, valued at approximately $12,174,546.16. The disclosure for this purchase can be found here. Insiders sold a total of 12,741 shares of company stock valued at $416,421 over the last quarter. 3.00% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of EGHT. Strs Ohio purchased a new stake in 8X8 during the 4th quarter worth about $220,000. Comerica Bank boosted its stake in 8X8 by 2.3% in the 4th quarter. Comerica Bank now owns 111,865 shares of the technology company’s stock worth $4,195,000 after buying an additional 2,555 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 8X8 by 45.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,828 shares of the technology company’s stock worth $442,000 after buying an additional 4,031 shares during the last quarter. Victory Capital Management Inc. boosted its stake in 8X8 by 6.0% in the 4th quarter. Victory Capital Management Inc. now owns 13,002 shares of the technology company’s stock worth $448,000 after buying an additional 741 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in 8X8 by 0.3% in the 4th quarter. California Public Employees Retirement System now owns 215,446 shares of the technology company’s stock worth $7,426,000 after buying an additional 746 shares during the last quarter. Hedge funds and other institutional investors own 97.30% of the company’s stock.

8X8 Company Profile

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

Read More: What are convertible shares? 

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.