Brokerages expect 8×8, Inc. (NASDAQ:EGHT) to report earnings of ($0.05) per share for the current fiscal quarter, according to Zacks. Zero analysts have issued estimates for 8X8’s earnings, with the lowest EPS estimate coming in at ($0.06) and the highest estimate coming in at ($0.03). 8X8 posted earnings per share of ($0.04) during the same quarter last year, which would indicate a negative year over year growth rate of 25%. The company is scheduled to report its next earnings report on Thursday, July 25th.
On average, analysts expect that 8X8 will report full-year earnings of ($0.13) per share for the current financial year, with EPS estimates ranging from ($0.19) to ($0.05). For the next fiscal year, analysts expect that the company will report earnings of $0.16 per share, with EPS estimates ranging from $0.07 to $0.25. Zacks Investment Research’s EPS averages are a mean average based on a survey of research analysts that follow 8X8.
8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, May 14th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.01). The business had revenue of $93.80 million during the quarter, compared to analysts’ expectations of $92.98 million. 8X8’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) EPS.
EGHT has been the topic of several research reports. Guggenheim initiated coverage on 8X8 in a research note on Monday, March 11th. They issued a “neutral” rating and a $20.00 target price on the stock. Zacks Investment Research upgraded 8X8 from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. BidaskClub upgraded 8X8 from a “hold” rating to a “buy” rating in a research report on Tuesday, February 12th. Needham & Company LLC reduced their price target on 8X8 from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, January 30th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $22.50 price target on shares of 8X8 in a research report on Thursday, January 31st. Six analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. 8X8 currently has a consensus rating of “Buy” and an average price target of $23.27.
In related news, EVP Dejan Deklich sold 36,136 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $22.06, for a total transaction of $797,160.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.40% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of EGHT. Vanguard Group Inc grew its position in 8X8 by 35.6% during the third quarter. Vanguard Group Inc now owns 7,425,058 shares of the technology company’s stock worth $157,783,000 after buying an additional 1,950,763 shares in the last quarter. Vanguard Group Inc. grew its position in 8X8 by 35.6% during the third quarter. Vanguard Group Inc. now owns 7,425,058 shares of the technology company’s stock worth $157,783,000 after buying an additional 1,950,763 shares in the last quarter. Morgan Stanley grew its position in 8X8 by 868.8% during the first quarter. Morgan Stanley now owns 1,561,762 shares of the technology company’s stock worth $31,548,000 after buying an additional 1,400,561 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in 8X8 during the fourth quarter worth about $19,179,000. Finally, Polar Capital LLP grew its position in 8X8 by 64.9% during the fourth quarter. Polar Capital LLP now owns 2,516,926 shares of the technology company’s stock worth $45,405,000 after buying an additional 990,845 shares in the last quarter. Institutional investors and hedge funds own 71.56% of the company’s stock.
Shares of EGHT traded down $0.35 during mid-day trading on Thursday, hitting $23.38. The stock had a trading volume of 1,330,421 shares, compared to its average volume of 1,311,614. 8X8 has a 52 week low of $15.13 and a 52 week high of $24.39.
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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