$177.82 Million in Sales Expected for 8×8, Inc. (NYSE:EGHT) This Quarter

Brokerages predict that 8×8, Inc. (NYSE:EGHT – Get Rating) will announce sales of $177.82 million for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for 8X8’s earnings, with the lowest sales estimate coming in at $163.35 million and the highest estimate coming in at $182.47 million. 8X8 reported sales of $144.72 million during the same quarter last year, which indicates a positive year-over-year growth rate of 22.9%. The company is expected to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that 8X8 will report full-year sales of $634.58 million for the current fiscal year, with estimates ranging from $620.10 million to $639.23 million. For the next fiscal year, analysts anticipate that the business will report sales of $782.15 million, with estimates ranging from $744.95 million to $805.88 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow 8X8.

8X8 (NYSE:EGHT – Get Rating) last released its quarterly earnings data on Wednesday, February 2nd. The technology company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.32) by $0.04. The firm had revenue of $156.87 million for the quarter, compared to analyst estimates of $153.68 million. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.28) earnings per share.

Several analysts have issued reports on the company. Craig Hallum dropped their price objective on 8X8 from $25.00 to $20.00 in a research note on Thursday, February 3rd. Needham & Company LLC decreased their target price on 8X8 from $32.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday, February 3rd. B. Riley decreased their target price on 8X8 from $19.00 to $17.50 in a research report on Thursday, February 3rd. Bank of America started coverage on 8X8 in a research report on Friday, January 28th. They issued a “buy” rating and a $18.00 target price on the stock. Finally, Zacks Investment Research downgraded 8X8 from a “hold” rating to a “sell” rating in a research report on Monday, April 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $19.32.

NYSE:EGHT traded up $0.26 on Friday, hitting $11.56. The company’s stock had a trading volume of 34,598 shares, compared to its average volume of 1,824,648. The company has a current ratio of 3.03, a quick ratio of 3.03 and a debt-to-equity ratio of 3.76. The stock has a fifty day moving average of $12.69 and a two-hundred day moving average of $17.37. The firm has a market capitalization of $1.37 billion, a P/E ratio of -7.26 and a beta of 1.10. 8X8 has a one year low of $10.01 and a one year high of $35.25.

In other 8X8 news, insider Dejan Deklich sold 2,130 shares of the company’s stock in a transaction on Tuesday, January 18th. The stock was sold at an average price of $15.85, for a total transaction of $33,760.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric Salzman sold 19,429 shares of the company’s stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $12.85, for a total value of $249,662.65. The disclosure for this sale can be found here. Insiders have sold 27,538 shares of company stock worth $370,001 in the last three months. 2.20% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in EGHT. Oregon Public Employees Retirement Fund raised its position in 8X8 by 1.3% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 44,369 shares of the technology company’s stock worth $1,038,000 after purchasing an additional 573 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in 8X8 by 0.7% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 84,945 shares of the technology company’s stock worth $1,987,000 after purchasing an additional 612 shares during the last quarter. Archer Investment Corp raised its position in 8X8 by 44.5% during the 3rd quarter. Archer Investment Corp now owns 2,034 shares of the technology company’s stock worth $48,000 after purchasing an additional 626 shares during the last quarter. Voya Investment Management LLC raised its position in 8X8 by 1.5% during the 3rd quarter. Voya Investment Management LLC now owns 43,208 shares of the technology company’s stock worth $1,011,000 after purchasing an additional 634 shares during the last quarter. Finally, Arizona State Retirement System raised its position in 8X8 by 2.4% during the 3rd quarter. Arizona State Retirement System now owns 28,437 shares of the technology company’s stock worth $665,000 after purchasing an additional 680 shares during the last quarter. Institutional investors own 92.72% of the company’s stock.

8X8 Company Profile (Get Rating)

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.

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