Wall Street brokerages expect that 8×8, Inc. (NASDAQ:EGHT) will report $73.41 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for 8X8’s earnings, with the highest sales estimate coming in at $75.24 million and the lowest estimate coming in at $69.67 million. 8X8 reported sales of $63.68 million in the same quarter last year, which indicates a positive year-over-year growth rate of 15.3%. The firm is expected to announce its next quarterly earnings report on Wednesday, January 24th.
On average, analysts expect that 8X8 will report full-year sales of $73.41 million for the current year, with estimates ranging from $275.09 million to $293.48 million. For the next fiscal year, analysts anticipate that the company will post sales of $342.97 million per share, with estimates ranging from $325.55 million to $354.15 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover 8X8.
8X8 (NASDAQ:EGHT) last announced its earnings results on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.01. The business had revenue of $72.48 million for the quarter, compared to analysts’ expectations of $71.65 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.06 EPS.
EGHT has been the subject of a number of recent analyst reports. Robert W. Baird reissued a “buy” rating and issued a $17.00 price objective on shares of 8X8 in a research report on Friday, November 17th. William Blair reissued a “hold” rating on shares of 8X8 in a research report on Friday, November 17th. ValuEngine raised 8X8 from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Summit Redstone lowered 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Finally, B. Riley restated a “hold” rating and issued a $14.00 target price on shares of 8X8 in a research note on Tuesday, October 24th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $17.30.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinebridge Investments L.P. increased its stake in shares of 8X8 by 1.8% in the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock valued at $176,000 after purchasing an additional 209 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of 8X8 by 1.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 16,812 shares of the technology company’s stock valued at $245,000 after purchasing an additional 276 shares in the last quarter. Arizona State Retirement System increased its stake in shares of 8X8 by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 47,735 shares of the technology company’s stock valued at $695,000 after purchasing an additional 400 shares in the last quarter. Amalgamated Bank increased its stake in shares of 8X8 by 5.0% in the 2nd quarter. Amalgamated Bank now owns 12,272 shares of the technology company’s stock valued at $179,000 after purchasing an additional 581 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of 8X8 by 0.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 376,596 shares of the technology company’s stock valued at $5,480,000 after purchasing an additional 3,209 shares in the last quarter. Institutional investors and hedge funds own 71.56% of the company’s stock.
8X8 (NASDAQ:EGHT) traded down $0.15 during trading on Friday, hitting $14.10. The stock had a trading volume of 457,697 shares, compared to its average volume of 623,448. The firm has a market cap of $1,340.00, a PE ratio of -176.25 and a beta of 0.37. 8X8 has a 52-week low of $10.30 and a 52-week high of $16.80.
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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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