8X8 (EGHT) to Release Earnings on Wednesday

8X8 (NASDAQ:EGHT) is set to release its earnings data after the market closes on Wednesday, November 1st. Analysts expect 8X8 to post earnings of $0.09 per share for the quarter. 8X8 has set its FY 2024 guidance at EPS and its Q2 2024 guidance at EPS.Persons that are interested in participating in the company’s earnings conference call can do so using this link.

8X8 (NASDAQ:EGHT) last issued its earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $183.30 million during the quarter, compared to analysts’ expectations of $187.09 million. 8X8 had a negative net margin of 8.44% and a negative return on equity of 41.65%. The company’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the business posted ($0.14) earnings per share. On average, analysts expect 8X8 to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

8X8 Stock Performance

EGHT opened at $2.32 on Monday. 8X8 has a 1-year low of $2.15 and a 1-year high of $6.49. The stock has a market cap of $278.28 million, a P/E ratio of -4.30 and a beta of 1.35. The stock’s 50 day simple moving average is $2.64 and its 200 day simple moving average is $3.41. The company has a debt-to-equity ratio of 3.88, a current ratio of 1.16 and a quick ratio of 1.16.

Insider Transactions at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 50,000 shares of 8X8 stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $2.52, for a total transaction of $126,000.00. Following the transaction, the chief executive officer now directly owns 1,091,696 shares of the company’s stock, valued at $2,751,073.92. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold a total of 70,712 shares of company stock worth $183,469 in the last three months. Company insiders own 1.08% of the company’s stock.

Institutional Trading of 8X8

Several hedge funds and other institutional investors have recently bought and sold shares of EGHT. The Manufacturers Life Insurance Company lifted its position in shares of 8X8 by 4.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 45,598 shares of the company’s stock worth $197,000 after buying an additional 1,881 shares during the last quarter. First Trust Advisors LP raised its stake in 8X8 by 10.4% during the 1st quarter. First Trust Advisors LP now owns 24,019 shares of the company’s stock valued at $302,000 after acquiring an additional 2,268 shares in the last quarter. Prudential Financial Inc. boosted its position in 8X8 by 2.2% during the 1st quarter. Prudential Financial Inc. now owns 123,113 shares of the company’s stock worth $1,550,000 after acquiring an additional 2,630 shares during the period. Captrust Financial Advisors grew its stake in shares of 8X8 by 832.8% in the first quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock worth $38,000 after purchasing an additional 2,665 shares in the last quarter. Finally, Balyasny Asset Management LLC increased its holdings in shares of 8X8 by 14.2% during the third quarter. Balyasny Asset Management LLC now owns 23,215 shares of the company’s stock valued at $80,000 after purchasing an additional 2,889 shares during the period. 99.89% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

EGHT has been the subject of several research reports. Morgan Stanley cut their price target on 8X8 from $4.00 to $3.30 and set an “equal weight” rating for the company in a research note on Thursday, October 19th. Craig Hallum downgraded 8X8 from a “buy” rating to a “hold” rating and cut their price objective for the stock from $7.00 to $4.00 in a research report on Wednesday, August 9th. Needham & Company LLC lowered their target price on 8X8 from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Thursday, August 10th. Mizuho dropped their price target on 8X8 from $5.00 to $3.75 and set a “neutral” rating for the company in a research report on Monday, August 14th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $5.00 price objective on shares of 8X8 in a research report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $4.89.

8X8 Company Profile

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 provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.