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In a recent transaction, Sylebra Capital LLC, a significant shareholder in 8x8 Inc (NASDAQ:EGHT), sold 100,000 shares of the company’s common stock. The shares were sold at a price of $2.23 each, amounting to a total transaction value of $223,000. Following this sale, Sylebra Capital retains ownership of 14,289,476 shares indirectly through various affiliated investment entities.
The transaction was reported in a filing with the Securities and Exchange Commission, indicating the sale took place on March 19, 2025. Sylebra Capital, along with its affiliates, maintains a substantial position in 8x8 Inc despite the recent sale. Daniel Patrick Gibson, a founder and Chief Investment Officer of Sylebra, is noted to have shared voting and dispositive power over the securities held by the affiliated entities.
The filing also clarifies that Sylebra Capital and its affiliates disclaim beneficial ownership of the securities, except to the extent of their pecuniary interest.
In other recent news, 8x8 reported third-quarter fiscal year 2025 results that met consensus estimates for both revenue and earnings per share. Despite the alignment with expectations, the company adjusted its full-year guidance downward, citing anticipated foreign exchange challenges. Needham analysts responded by raising the price target for 8x8 shares to $3.50 from $3.00, while maintaining a Buy rating, reflecting confidence in the company’s balance sheet progress despite potential revenue growth hurdles.
Additionally, 8x8 announced the appointment of Joel Neeb as Chief Transformation and Business Operations Officer. Neeb, an experienced leader in the SaaS industry, will focus on aligning customer experience transformation with operational outcomes. His previous roles include Vice President of Execution and Transformation at VMware (NYSE:VMW) and CEO of Afterburner, Inc.
The appointment aligns with 8x8’s recent rebranding, which is part of a broader strategy to enhance customer and partner impact through integrated communication solutions. The company’s Platform for CX aims to empower leaders with AI-driven insights for improved decision-making and customer engagement. These developments are part of 8x8’s ongoing efforts to strengthen its market position and operational effectiveness.
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