Wall Street analysts expect 8×8, Inc. (NASDAQ:EGHT) to announce $80.88 million in sales for the current fiscal quarter, Zacks reports. Five analysts have made estimates for 8X8’s earnings, with estimates ranging from $80.57 million to $81.29 million. 8X8 posted sales of $69.10 million in the same quarter last year, which suggests a positive year-over-year growth rate of 17%. The firm is expected to report its next quarterly earnings report after the market closes on Thursday, July 26th.
On average, analysts expect that 8X8 will report full year sales of $350.39 million for the current fiscal year, with estimates ranging from $348.63 million to $354.08 million. For the next year, analysts expect that the firm will post sales of $425.37 million per share, with estimates ranging from $408.01 million to $447.92 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover 8X8.
Get 8X8 alerts:8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, May 24th. The technology company reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The business had revenue of $79.30 million for the quarter, compared to analysts’ expectations of $76.97 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company’s revenue was up 19.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.05 EPS.
A number of research firms recently weighed in on EGHT. Bank of America restated a “neutral” rating on shares of 8X8 in a research note on Saturday, June 2nd. William Blair restated a “hold” rating on shares of 8X8 in a research note on Wednesday, May 16th. Zacks Investment Research cut shares of 8X8 from a “hold” rating to a “strong sell” rating in a research note on Friday, June 1st. BidaskClub upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Friday, April 20th. Finally, CIBC began coverage on shares of 8X8 in a research note on Thursday, April 19th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $20.00.
Shares of 8X8 stock traded up $0.10 on Wednesday, hitting $21.20. 741,948 shares of the company’s stock were exchanged, compared to its average volume of 917,347. 8X8 has a 1 year low of $10.30 and a 1 year high of $23.05.
In related news, CEO Vikram Verma purchased 7,700 shares of the firm’s stock in a transaction on Wednesday, May 30th. The shares were acquired at an average price of $18.21 per share, for a total transaction of $140,217.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.40% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in EGHT. PNC Financial Services Group Inc. lifted its stake in 8X8 by 352.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,831 shares of the technology company’s stock worth $147,000 after purchasing an additional 6,099 shares in the last quarter. Elkfork Partners LLC purchased a new stake in 8X8 in the 4th quarter worth $150,000. Xact Kapitalforvaltning AB purchased a new stake in 8X8 in the 4th quarter worth $157,000. Stone Ridge Asset Management LLC purchased a new stake in 8X8 in the 4th quarter worth $199,000. Finally, SG Americas Securities LLC purchased a new stake in 8X8 in the 1st quarter worth $234,000. Institutional investors and hedge funds own 71.56% of the company’s stock.
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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