Wall Street analysts expect 8×8, Inc. (NYSE:EGHT) to post earnings per share (EPS) of ($0.17) for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for 8X8’s earnings, with estimates ranging from ($0.19) to ($0.12). 8X8 reported earnings of ($0.06) per share during the same quarter last year, which indicates a negative year-over-year growth rate of 183.3%. The company is scheduled to issue its next quarterly earnings report on Tuesday, February 4th.
On average, analysts expect that 8X8 will report full year earnings of ($0.60) per share for the current year, with EPS estimates ranging from ($0.65) to ($0.54). For the next financial year, analysts forecast that the company will report earnings of ($0.28) per share, with EPS estimates ranging from ($0.45) to ($0.12). Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that cover 8X8.
8X8 (NYSE:EGHT) last announced its earnings results on Wednesday, October 30th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.01. The company had revenue of $109.50 million for the quarter, compared to analysts’ expectations of $106.51 million. 8X8 had a negative net margin of 32.60% and a negative return on equity of 40.84%. The firm’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.04) EPS.
EGHT has been the topic of several recent research reports. Craig Hallum reissued a “hold” rating and set a $25.00 price target (up previously from $19.00) on shares of 8X8 in a research report on Thursday, July 18th. Needham & Company LLC upped their target price on shares of 8X8 from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Summit Insights upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Dougherty & Co upgraded shares of 8X8 from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 31st. Finally, Rosenblatt Securities restated a “neutral” rating and set a $27.00 target price (up from $22.50) on shares of 8X8 in a research note on Wednesday, July 24th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $25.11.
Shares of EGHT stock traded up $0.32 on Friday, hitting $19.99. 14,423 shares of the stock traded hands, compared to its average volume of 1,318,742. The firm’s 50-day moving average price is $20.27 and its two-hundred day moving average price is $23.22. The company has a debt-to-equity ratio of 1.25, a quick ratio of 2.45 and a current ratio of 2.45. The stock has a market capitalization of $1.94 billion, a PE ratio of -28.96 and a beta of 0.67. 8X8 has a twelve month low of $16.34 and a twelve month high of $26.67.
In related news, EVP Dejan Deklich sold 3,715 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $20.00, for a total value of $74,300.00. Following the completion of the transaction, the executive vice president now directly owns 13,143 shares of the company’s stock, valued at $262,860. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vikram Verma purchased 3,060 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $23.99 per share, with a total value of $73,409.40. Following the completion of the acquisition, the chief executive officer now directly owns 2,464 shares of the company’s stock, valued at $59,111.36. The disclosure for this purchase can be found here. Corporate insiders own 3.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its stake in shares of 8X8 by 1.9% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 37,636 shares of the technology company’s stock worth $907,000 after buying an additional 700 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of 8X8 by 1.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 32,778 shares of the technology company’s stock worth $789,000 after acquiring an additional 537 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of 8X8 by 1.2% during the 2nd quarter. Arizona State Retirement System now owns 149,362 shares of the technology company’s stock worth $3,600,000 after acquiring an additional 1,801 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of 8X8 during the 2nd quarter worth about $72,000. Finally, SG Americas Securities LLC boosted its stake in shares of 8X8 by 624.3% during the 2nd quarter. SG Americas Securities LLC now owns 235,055 shares of the technology company’s stock worth $5,665,000 after acquiring an additional 202,604 shares in the last quarter. 87.58% of the stock is owned by institutional investors and hedge funds.
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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