Brokerages expect 8×8, Inc. (NASDAQ:EGHT) to post sales of $73.41 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for 8X8’s earnings. The lowest sales estimate is $69.67 million and the highest is $75.24 million. 8X8 posted sales of $63.68 million in the same quarter last year, which suggests a positive year over year growth rate of 15.3%. The firm is expected to issue its next quarterly earnings results on Wednesday, January 24th.
On average, analysts expect that 8X8 will report full year sales of $73.41 million for the current fiscal year, with estimates ranging from $275.09 million to $293.48 million. For the next year, analysts anticipate that the company will report sales of $342.97 million per share, with estimates ranging from $325.55 million to $354.15 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow 8X8.
8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm had revenue of $72.48 million for the quarter, compared to analysts’ expectations of $71.65 million. During the same quarter in the previous year, the company earned $0.06 earnings per share. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year.
A number of equities analysts have issued reports on the stock. William Blair restated a “hold” rating on shares of 8X8 in a research report on Friday, November 17th. Robert W. Baird reiterated a “buy” rating and set a $17.00 price target on shares of 8X8 in a research report on Friday, November 17th. Summit Redstone cut shares of 8X8 from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. B. Riley reiterated a “hold” rating and set a $14.00 price target on shares of 8X8 in a research report on Tuesday, October 24th. Finally, Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $17.30.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its stake in 8X8 by 69.7% during the third quarter. BNP Paribas Arbitrage SA now owns 46,130 shares of the technology company’s stock worth $623,000 after acquiring an additional 18,941 shares in the last quarter. Vanguard Group Inc. boosted its stake in 8X8 by 4.5% during the second quarter. Vanguard Group Inc. now owns 4,973,283 shares of the technology company’s stock worth $72,362,000 after acquiring an additional 213,257 shares in the last quarter. Paradigm Capital Management Inc. NY bought a new stake in 8X8 during the third quarter worth about $940,000. GSA Capital Partners LLP boosted its stake in 8X8 by 280.7% during the second quarter. GSA Capital Partners LLP now owns 38,190 shares of the technology company’s stock worth $556,000 after acquiring an additional 28,159 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in 8X8 by 9.4% during the second quarter. Goldman Sachs Group Inc. now owns 254,605 shares of the technology company’s stock worth $3,704,000 after acquiring an additional 21,879 shares in the last quarter. Institutional investors own 71.56% of the company’s stock.
8X8 (NASDAQ EGHT) opened at $15.25 on Friday. 8X8 has a 52-week low of $10.30 and a 52-week high of $16.80. The stock has a market cap of $1,400.00, a PE ratio of -190.63 and a beta of 0.37.
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8X8 Company Profile
8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.
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