Zacks: Brokerages Anticipate 8×8 Inc (EGHT) Will Announce Quarterly Sales of $68.81 Million
Equities analysts expect 8×8 Inc (NASDAQ:EGHT) to report sales of $68.81 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for 8×8’s earnings, with estimates ranging from $68.09 million to $69.50 million. 8×8 reported sales of $60.04 million in the same quarter last year, which would suggest a positive year over year growth rate of 14.6%. The company is expected to issue its next earnings report after the market closes on Thursday, July 27th.
On average, analysts expect that 8×8 will report full-year sales of $68.81 million for the current fiscal year, with estimates ranging from $295.03 million to $298.03 million. For the next financial year, analysts forecast that the firm will report sales of $345.59 million per share, with estimates ranging from $337.53 million to $355.39 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for 8×8.
8×8 (NASDAQ:EGHT) last announced its quarterly earnings results on Thursday, May 25th. The technology company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.02. 8×8 had a negative net margin of 1.88% and a positive return on equity of 2.26%. The company had revenue of $66.49 million during the quarter, compared to the consensus estimate of $65.54 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year.
Several research analysts have issued reports on the company. B. Riley reiterated a “neutral” rating and set a $14.00 price objective on shares of 8×8 in a research note on Tuesday, May 23rd. Zacks Investment Research upgraded 8×8 from a “sell” rating to a “hold” rating in a research note on Friday, May 26th. Dougherty & Co dropped their price objective on 8×8 from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, May 23rd. ValuEngine upgraded 8×8 from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Finally, BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. 8×8 presently has an average rating of “Buy” and an average target price of $17.50.
Hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. acquired a new stake in shares of 8×8 during the first quarter valued at approximately $116,000. State of Alaska Department of Revenue boosted its stake in shares of 8×8 by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 10,040 shares of the technology company’s stock valued at $153,000 after buying an additional 210 shares during the last quarter. OppenheimerFunds Inc. acquired a new stake in shares of 8×8 during the first quarter valued at approximately $219,000. Princeton Alpha Management LP boosted its stake in shares of 8×8 by 10.5% in the first quarter. Princeton Alpha Management LP now owns 15,165 shares of the technology company’s stock valued at $231,000 after buying an additional 1,436 shares during the last quarter. Finally, Highbridge Capital Management LLC acquired a new stake in shares of 8×8 during the fourth quarter valued at approximately $307,000. Institutional investors own 68.00% of the company’s stock.
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8×8 (NASDAQ:EGHT) opened at 14.50 on Friday. The stock’s 50 day moving average is $14.05 and its 200 day moving average is $14.64. The firm’s market cap is $1.33 billion. 8×8 has a one year low of $12.60 and a one year high of $16.80.
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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