Campbell, California-based 8X8 Inc (NYSE:NASDAQ:EGHT) has reported through an SEC filing that its Chief Financial Officer, Kevin Kraus, has sold a total of $58,394 worth of company shares. The transactions occurred over a series of days, with sales prices ranging from $1.901 to $1.9268 per share.
According to the filing, the sales took place between June 17 and June 20, 2024. On the first day, Kraus sold 9,364 shares at a weighted average price of $1.926, with individual transaction prices varying between $1.85 to $2.01. The following day, an additional 9,391 shares were sold at an average of $1.901 per share, with prices ranging from $1.86 to $1.98. The final sale reported was on June 20, where Kraus offloaded 11,681 shares at an average price of $1.9268, with sale prices between $1.87 to $1.96.
The sales were part of an automatic process to satisfy tax obligations related to the vesting of equity awards. The filing highlighted that these shares were sold automatically to cover the taxes due upon the vesting of equity awards that Kraus had received as part of his compensation package.
Following these transactions, Kraus still retains a substantial holding in the company, with 285,676 shares of 8X8 Inc remaining under his direct ownership. This indicates a continued vested interest in the company's performance and alignment with shareholder value.
Investors and the public can request more detailed information about the exact number of shares sold at each price point, as the reporting person has agreed to provide full details upon request by the SEC, the issuer, or any security holder of the issuer.
8X8 Inc specializes in cloud communications technology and has been a notable player in the industry, providing services in computer processing and data preparation. The stock trades under the ticker symbol EGHT on the New York Stock Exchange.
In other recent news, 8x8, Inc. reported strong fourth quarter and fiscal 2024 results, with a 62% increase in annual cash flow and repayment of $63 million of 2024 notes. The company launched new products and platform enhancements, which led to a 50% year-over-year increase in sales for the second consecutive quarter. The acquisition of Fuze added over $100 million to their Annual Recurring Revenue (ARR). However, Morgan Stanley downgraded 8x8 stock to 'Underweight', citing concerns over revenue growth and competition within the software sector, and reduced the price target for 8x8 to $2.00. In addition, 8x8 welcomed new independent director Andrew Burton, President and COO of Rapid7 (NASDAQ:RPD), to its board, expanding its leadership team with a seasoned executive with a strong background in the Software-as-a-Service (SaaS) sector. These are the recent developments in the company.
InvestingPro Insights
As investors digest the news of CFO Kevin Kraus's recent share sales of 8X8 Inc (NYSE:EGHT), it's worth considering the broader financial context of the company, according to the latest data and insights from InvestingPro. With a market capitalization of $250.75 million, 8X8 Inc is navigating a challenging financial landscape, as evidenced by a negative price-to-earnings (P/E) ratio of -3.54, suggesting that the market expects future earnings growth despite the company not being profitable over the last twelve months.
One of the InvestingPro Tips highlights that 8X8 Inc's net income is expected to grow this year, which may provide some reassurance to investors concerned about the company's recent performance. Additionally, the stock's Relative Strength Index (RSI) indicates that it is currently in oversold territory, which could attract buyers looking for potential bargains in the market.
On the operational front, the company's gross profit margin stands at a robust 69.14%, according to data from the last twelve months as of Q4 2024. However, it's important to note that 8X8 Inc's revenue has seen a slight decline of -2.05% during the same period. Moreover, the stock has experienced significant price volatility, with a one-year total return of -47.24%, which may affect investor sentiment.
For those considering a deeper dive into 8X8 Inc's financial health and future prospects, InvestingPro offers additional insights. There are currently 13 more InvestingPro Tips available at https://www.investing.com/pro/EGHT, which could provide valuable guidance. To access these insights and more, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, helping you stay ahead in the market.
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