Analysts forecast that 8×8, Inc. (NYSE:EGHT) will report $114.05 million in sales for the current quarter, according to Zacks. Six analysts have made estimates for 8X8’s earnings. The highest sales estimate is $114.55 million and the lowest is $113.68 million. 8X8 reported sales of $89.91 million during the same quarter last year, which indicates a positive year over year growth rate of 26.8%. The business is scheduled to issue its next quarterly earnings results on Tuesday, February 4th.
On average, analysts expect that 8X8 will report full year sales of $439.82 million for the current year, with estimates ranging from $438.95 million to $441.00 million. For the next year, analysts expect that the business will post sales of $540.16 million, with estimates ranging from $528.40 million to $560.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow 8X8.
8X8 (NYSE:EGHT) last posted its quarterly earnings data on Wednesday, October 30th. The technology company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.01. The business had revenue of $109.50 million during the quarter, compared to the consensus estimate of $106.51 million. 8X8 had a negative net margin of 32.60% and a negative return on equity of 40.84%. The company’s quarterly revenue was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) earnings per share.
A number of analysts have recently weighed in on EGHT shares. ValuEngine raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 3rd. Stephens reaffirmed a “buy” rating and set a $27.00 price objective on shares of 8X8 in a research report on Thursday, October 31st. B. Riley upgraded shares of 8X8 from a “sell” rating to a “neutral” rating and set a $18.50 target price for the company in a research note on Thursday, October 24th. They noted that the move was a valuation call. BidaskClub cut shares of 8X8 from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $25.11.
8X8 stock traded up $0.01 during trading hours on Tuesday, hitting $18.18. 1,537,005 shares of the company traded hands, compared to its average volume of 990,555. 8X8 has a 1-year low of $16.34 and a 1-year high of $26.67. The firm has a market cap of $1.82 billion, a P/E ratio of -26.35 and a beta of 0.68. The firm’s 50-day simple moving average is $19.77 and its two-hundred day simple moving average is $22.73. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 1.25.
In other news, EVP Dejan Deklich sold 3,715 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $20.00, for a total value of $74,300.00. Following the completion of the sale, the executive vice president now directly owns 13,143 shares in the company, valued at $262,860. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.00% of the company’s stock.
Several large investors have recently modified their holdings of EGHT. Steward Partners Investment Advisory LLC bought a new position in 8X8 in the 2nd quarter worth approximately $72,000. Pearl River Capital LLC acquired a new position in 8X8 during the 2nd quarter valued at $84,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in 8X8 in the 3rd quarter valued at $193,000. Envestnet Asset Management Inc. bought a new stake in 8X8 in the 2nd quarter valued at $209,000. Finally, Stephens Inc. AR acquired a new stake in 8X8 in the 2nd quarter worth $241,000. 90.11% of the stock is currently owned by institutional investors.
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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