Equities analysts forecast that 8×8, Inc. (NYSE:EGHT) will report sales of $114.11 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for 8X8’s earnings, with the lowest sales estimate coming in at $113.68 million and the highest estimate coming in at $114.55 million. 8X8 posted sales of $89.91 million in the same quarter last year, which suggests a positive year-over-year growth rate of 26.9%. The firm is expected to issue its next earnings results on Tuesday, February 4th.
On average, analysts expect that 8X8 will report full year sales of $439.99 million for the current year, with estimates ranging from $438.95 million to $441.00 million. For the next fiscal year, analysts anticipate that the business will report sales of $536.61 million, with estimates ranging from $507.90 million to $560.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover 8X8.
8X8 (NYSE:EGHT) last announced its earnings results 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. 8X8 had a negative net margin of 32.60% and a negative return on equity of 40.84%. The firm had revenue of $109.50 million for the quarter, compared to the consensus estimate of $106.51 million. During the same period in the prior year, the firm earned ($0.04) EPS. The firm’s revenue for the quarter was up 27.8% on a year-over-year basis.
Several research analysts have commented on EGHT shares. BidaskClub cut shares of 8X8 from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Summit Insights upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Zacks Investment Research cut shares of 8X8 from a “buy” rating to a “sell” rating in a report on Tuesday, November 5th. Morgan Stanley upped their target price on shares of 8X8 from $26.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Oppenheimer set a $29.00 target price on shares of 8X8 and gave the company a “buy” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $25.11.
NYSE EGHT opened at $20.14 on Friday. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 1.25. 8X8 has a 52 week low of $16.34 and a 52 week high of $26.67. The stock has a market capitalization of $1.94 billion, a PE ratio of -29.19 and a beta of 0.67. The firm has a 50 day moving average of $20.19 and a two-hundred day moving average of $23.21.
In other 8X8 news, EVP Dejan Deklich sold 3,715 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $20.00, for a total transaction of $74,300.00. Following the completion of the transaction, the executive vice president now owns 13,143 shares in the company, valued at approximately $262,860. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vikram Verma acquired 3,060 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $23.99 per share, with a total value of $73,409.40. Following the transaction, the chief executive officer now owns 2,464 shares in the company, valued at approximately $59,111.36. The disclosure for this purchase can be found here. 3.00% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. Sylebra Capital Ltd increased its holdings in shares of 8X8 by 2,849.6% in the 2nd quarter. Sylebra Capital Ltd now owns 4,238,543 shares of the technology company’s stock valued at $102,149,000 after purchasing an additional 4,094,842 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of 8X8 by 25.0% in the 2nd quarter. Vanguard Group Inc. now owns 10,021,329 shares of the technology company’s stock valued at $241,514,000 after purchasing an additional 2,002,790 shares in the last quarter. Waddell & Reed Financial Inc. increased its holdings in shares of 8X8 by 59.9% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 3,167,976 shares of the technology company’s stock valued at $76,348,000 after purchasing an additional 1,187,093 shares in the last quarter. SRS Investment Management LLC purchased a new position in shares of 8X8 in the 2nd quarter valued at about $26,733,000. Finally, Morgan Stanley increased its holdings in shares of 8X8 by 48.0% in the 2nd quarter. Morgan Stanley now owns 2,311,282 shares of the technology company’s stock valued at $55,701,000 after purchasing an additional 749,520 shares in the last quarter. Institutional investors own 87.58% 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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