8×8 (EGHT) Releases Quarterly Earnings Results, Hits Estimates
8×8 (NASDAQ:EGHT) announced its earnings results on Wednesday. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03, StockRatingsNetwork.com reports. The company had revenue of $37.90 million for the quarter, compared to the consensus estimate of $37.46 million. During the same quarter in the previous year, the company posted $0.06 earnings per share. The company’s revenue for the quarter was up 29.6% on a year-over-year basis.
8×8 (NASDAQ:EGHT) traded up 0.93% on Wednesday, hitting $7.59. 1,028,172 shares of the company’s stock traded hands. 8×8 has a 1-year low of $6.68 and a 1-year high of $12.42. The stock’s 50-day moving average is $7.46 and its 200-day moving average is $9.39. The company has a market cap of $672.2 million and a price-to-earnings ratio of 242.58.
A number of analysts have recently weighed in on EGHT shares. Analysts at Dougherty & Co initiated coverage on shares of 8×8 in a research note on Monday, July 7th. They set a “buy” rating and a $11.50 price target on the stock. Analysts at B. Riley reiterated a “neutral” rating on shares of 8×8 in a research note on Friday, May 23rd. They now have a $8.00 price target on the stock, down previously from $10.00. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $11.70.
8×8, Inc, is a United States-based company, which provides telecommunication services and technology for Internet protocol (NASDAQ:EGHT), telephony and video applications.
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