The CEO of 8X8 is Exercising Options

By Carrie Williams

Yesterday 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.

This recent transaction increases Vikram Verma’s holding in the company by 3% to a total of $17.77 million.

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Based on 8X8’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $122 million and GAAP net loss of -$41,913,000. In comparison, last year the company earned revenue of $96.68 million and had a GAAP net loss of $34.27 million. The company has a one-year high of $24.52 and a one-year low of $10.70. Currently, 8X8 has an average volume of 587.04K.

Based on 9 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $20.56, reflecting a -23.1% downside. Five different firms, including Evercore ISI and Northland Securities, currently also have a Buy rating on the stock.

The insider sentiment on 8X8 has been negative according to 64 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.

Vikram Verma’s trades have generated a 12.9% average return based on past transactions. DailyInsider proprietary algorithm detects trades by the most influential insiders and selects attractive trading opportunities daily. To subscribe to the DailyInsider visit this page.

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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.