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Sylebra Capital LLC, a significant shareholder in 8x8 Inc (NASDAQ:EGHT), a cloud communications company with a market capitalization of $296 million, has reported selling shares of the company in a recent Form 4 filing with the Securities and Exchange Commission. According to InvestingPro data, the stock has declined 16% year-to-date, though analysis suggests the shares are currently trading below their Fair Value. The transactions, which took place over two days, involved the sale of 102,149 shares of common stock, generating a total of $221,206.
On March 20, Sylebra Capital sold 52,149 shares at a price of $2.19 per share. The following day, March 21, the firm sold an additional 50,000 shares at $2.14 per share. Following these transactions, Sylebra Capital’s ownership in 8x8 Inc decreased to 14,187,327 shares.
The shares are held by various affiliated investment entities, and Sylebra Capital, along with its founder and Chief Investment Officer Daniel Patrick Gibson, disclaim beneficial ownership of the securities, except to the extent of their pecuniary interest. The company maintains a strong free cash flow yield, one of several key metrics available through InvestingPro’s detailed financial analysis platform.
In other recent news, 8x8 reported its third-quarter fiscal year 2025 results, which aligned with consensus estimates for revenue and earnings per share. Despite this alignment, the company adjusted its full-year guidance downward due to anticipated foreign exchange headwinds. Needham analysts responded by raising the price target for 8x8 shares to $3.50 from $3.00, maintaining a Buy rating on the stock. The analysts expressed confidence in 8x8’s balance sheet progress despite anticipated challenges in near-term revenue growth.
Additionally, 8x8 announced the appointment of Joel Neeb as Chief Transformation and Business Operations Officer. Neeb will focus on aligning the company’s customer experience transformation with its operational outcomes. His previous experience includes roles at VMware (NYSE:VMW) and Afterburner, Inc., where he led significant operational transformations. CEO Samuel Wilson expressed confidence in Neeb’s ability to contribute to 8x8’s growth and operational excellence. This appointment is part of 8x8’s broader strategy to enhance customer and partner impact through seamless communication solutions.
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