In a recent transaction, Kevin Kraus, the Chief Financial Officer of 8x8 Inc . (NASDAQ:EGHT), sold 1,000 shares of the company's common stock. The sale, which took place on January 15, 2025, was executed at a price of $2.60 per share, totaling $2,600. The stock, currently trading at $2.64, has shown strong momentum with a positive return over the last three months, according to InvestingPro data, which indicates the company is currently trading below its Fair Value.
Following this transaction, Kraus retains ownership of 458,641 shares in the company. This transaction was conducted under a pre-arranged trading plan, often used by executives to manage their stock holdings in a structured manner. With a market capitalization of $347 million and its next earnings report scheduled for January 29, investors seeking deeper insights can access comprehensive analysis through InvestingPro's detailed research reports.
In other recent news, 8x8 Inc. exceeded market expectations in its second quarter of fiscal 2025, reporting a service revenue of $175.1 million and a non-GAAP operating margin of 11.9%. The company also highlighted significant growth in sales of new products and AI-based solutions, and managed to reduce its total debt by over $173 million since Q2 2023, bringing it down to $369 million. However, Mizuho (NYSE:MFG) Securities recently downgraded 8x8's stock from Neutral to Underperform, citing concerns over the company's revenue growth and profitability. Mizuho also adjusted the price target downward to $2.50 from the previous target of $2.75.
In addition, 8x8 announced the appointment of Joel Neeb as Chief Transformation and Business Operations Officer. Neeb, an experienced leader in the Software-as-a-Service (SaaS) sector, will oversee the alignment of the company's customer experience transformation and strategic initiatives with its operational outcomes.
Furthermore, 8x8 has expanded its board with the addition of John Pagliuca, a seasoned executive with over two decades of leadership experience in the software and SaaS industries. These are some of the recent developments surrounding 8x8 Inc.
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