The CEO of 8X8 is Exercising Options

Today it was reported that the CEO of 8X8 (EGHTResearch Report), Vikram Verma, exercised options to buy 33,167 EGHT shares at $6.86 a share, for a total transaction value of $227.5K.

Following this transaction Vikram Verma’s holding in the company was increased by 2.65% to a total of $24.21 million. Following Vikram Verma’s last EGHT Buy transaction on October 19, 2020, the stock climbed by 2.4%.

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Based on 8X8’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $129 million and GAAP net loss of -$38,413,000. In comparison, last year the company earned revenue of $110 million and had a GAAP net loss of $40.93 million. The company has a one-year high of $21.57 and a one-year low of $10.70. Currently, 8X8 has an average volume of 423.78K.

Based on 10 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $21.13, reflecting a -10.8% downside. Seven different firms, including Craig-Hallum and Evercore ISI, currently also have a Buy rating on the stock.

In the last 30 days, insiders have sold $239.8K worth of EGHT shares and purchased $227.5K worth of EGHT shares. The insider sentiment on 8X8 has been negative according to 89 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.

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8×8, Inc. engages in the provision of enterprise communication solutions. Its solutions include industry and business solutions for collections, education, government healthcare, high tech, insurance, call center, call center software, network optimization, and international calls. The company was founded in February 1987 and is headquartered in San Jose, CA.