8X8 (NASDAQ:EGHT) Announces Earnings Results, Beats Expectations By $0.01 EPS

8X8 (NASDAQ:EGHT) released its quarterly earnings data on Wednesday. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01, Briefing.com reports. 8X8 had a negative net margin of 7.28% and a negative return on equity of 5.89%. The company had revenue of $179.41 million during the quarter, compared to the consensus estimate of $178.85 million. During the same period in the previous year, the firm earned ($0.03) earnings per share. 8X8’s revenue for the quarter was down 2.8% on a year-over-year basis.

8X8 Price Performance

EGHT traded up $0.47 on Thursday, reaching $2.81. The company had a trading volume of 3,520,864 shares, compared to its average volume of 1,421,843. The company has a fifty day moving average of $2.54 and a 200-day moving average of $2.93. The company has a market capitalization of $346.81 million, a P/E ratio of -6.39 and a beta of 1.46. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73. 8X8 has a one year low of $2.12 and a one year high of $4.88.

Analysts Set New Price Targets

EGHT has been the subject of several research reports. Needham & Company LLC decreased their price objective on shares of 8X8 from $5.00 to $3.50 and set a “buy” rating for the company in a research note on Thursday. Rosenblatt Securities reissued a “buy” rating and set a $4.00 target price on shares of 8X8 in a research report on Monday, March 18th. Finally, Morgan Stanley reduced their target price on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.46.

Insider Activity at 8X8

In related news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the transaction, the chief executive officer now owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 32,289 shares of company stock worth $81,979 in the last 90 days. Corporate insiders own 1.08% of the company’s stock.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.