8x8 Inc (NYSE:EGHT) CEO Samuel C. Wilson has sold a portion of his holdings in the company, according to a recent regulatory filing. The transaction, which took place on April 15, involved the sale of 2,000 shares of common stock at a weighted average price of $2.2715, totaling over $4,500.
The sale was conducted under a prearranged Rule 10b5-1 trading plan, which Wilson had adopted on March 14, 2023. These plans allow company insiders to sell shares over a predetermined period of time, reducing the potential for any accusations of trading on insider information.
Investors may take note that the prices for these transactions ranged from $2.25 to $2.32 per share. Post-transaction, Wilson still retains a significant stake in the company, with 1,020,288 shares of 8x8 Inc remaining in his possession.
8x8 Inc, with its headquarters in Campbell, California, operates within the computer processing and data preparation sector. The company has seen its stock fluctuate in recent times, and insider transactions such as these are often watched closely by market participants for indications of executive confidence in the company's prospects.
For those interested in the specifics of the transactions, the company and the Securities and Exchange Commission can provide full details regarding the number of shares sold at each separate price upon request.
InvestingPro Insights
Following the recent insider sale by 8x8 Inc's CEO Samuel C. Wilson, investors keeping an eye on the company's performance may find the following InvestingPro Data and Tips useful. According to InvestingPro, 8x8 Inc (NYSE:EGHT) currently has a market capitalization of $275.23 million and is trading near its 52-week low, with the price at the previous close being $2.29. The company's revenue over the last twelve months as of Q3 2024 stands at $733.82 million, despite a slight decrease in revenue growth by -0.94%. Additionally, the gross profit margin remains strong at 69.59%, which is a positive indicator of the company's ability to manage its cost of sales effectively.
InvestingPro Tips highlight that 8x8 Inc is expected to see net income growth this year, which could signal a turnaround for the company that has not been profitable over the last twelve months. Moreover, the stock's valuation implies a strong free cash flow yield, an attractive feature for value investors. However, it is important to note that 13 analysts have revised their earnings estimates downwards for the upcoming period, which may need to be taken into account when assessing future performance.
For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available for 8x8 Inc, which can be accessed through their platform. By using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to gain deeper insights into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.