8×8, Inc. (NASDAQ:EGHT) – Equities researchers at Oppenheimer dropped their Q3 2019 earnings per share (EPS) estimates for 8X8 in a research report issued to clients and investors on Tuesday, October 30th. Oppenheimer analyst T. Horan now forecasts that the technology company will post earnings per share of ($0.15) for the quarter, down from their previous forecast of ($0.12). Oppenheimer also issued estimates for 8X8’s Q4 2019 earnings at ($0.16) EPS, FY2019 earnings at ($0.59) EPS and FY2020 earnings at ($0.51) EPS.
EGHT has been the topic of several other research reports. William Blair started coverage on 8X8 in a research report on Wednesday, October 10th. They set an “outperform” rating on the stock. Bank of America set a $23.00 target price on 8X8 and gave the stock a “hold” rating in a research report on Tuesday, October 30th. Zacks Investment Research raised 8X8 from a “sell” rating to a “hold” rating in a research report on Wednesday, September 26th. Summit Insights reissued a “hold” rating on shares of 8X8 in a research report on Tuesday, October 30th. Finally, BidaskClub lowered 8X8 from a “buy” rating to a “hold” rating in a research report on Thursday, October 11th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $23.00.
Shares of NASDAQ EGHT opened at $17.84 on Friday. 8X8 has a fifty-two week low of $12.76 and a fifty-two week high of $23.50.
8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, October 29th. The technology company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. The business had revenue of $85.70 million for the quarter, compared to analyst estimates of $84.26 million. During the same period last year, the business posted $0.03 EPS. 8X8’s revenue was up 18.2% on a year-over-year basis.
In other news, CEO Vikram Verma purchased 5,730 shares of the business’s stock in a transaction on Thursday, November 1st. The shares were bought at an average price of $17.09 per share, with a total value of $97,925.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ian Potter sold 1,690 shares of 8X8 stock in a transaction that occurred on Monday, October 22nd. The stock was sold at an average price of $18.35, for a total value of $31,011.50. Following the transaction, the director now directly owns 97,354 shares in the company, valued at approximately $1,786,445.90. The disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. BlackRock Inc. increased its position in 8X8 by 13.2% during the second quarter. BlackRock Inc. now owns 12,987,725 shares of the technology company’s stock worth $260,403,000 after buying an additional 1,517,513 shares during the period. Point72 Asset Management L.P. increased its position in 8X8 by 35.0% during the second quarter. Point72 Asset Management L.P. now owns 3,126,500 shares of the technology company’s stock worth $62,686,000 after buying an additional 810,900 shares during the period. First Trust Advisors LP increased its position in 8X8 by 17.4% during the second quarter. First Trust Advisors LP now owns 4,725,161 shares of the technology company’s stock worth $94,739,000 after buying an additional 700,508 shares during the period. Putnam Investments LLC acquired a new position in 8X8 during the second quarter worth approximately $10,301,000. Finally, Wells Fargo & Company MN increased its position in 8X8 by 770.2% during the second quarter. Wells Fargo & Company MN now owns 552,953 shares of the technology company’s stock worth $11,087,000 after buying an additional 489,411 shares during the period. 71.56% of the stock is currently owned by institutional investors.
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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