Analysts Expect 8×8 Inc (EGHT) Will Announce Earnings of $0.02 Per Share
Equities research analysts predict that 8×8 Inc (NASDAQ:EGHT) will report earnings of $0.02 per share for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for 8×8’s earnings. The lowest EPS estimate is $0.01 and the highest is $0.03. 8×8 reported earnings of $0.06 per share in the same quarter last year, which would indicate a negative year over year growth rate of 66.7%. The firm is expected to issue its next quarterly earnings results after the market closes on Thursday, October 26th.
On average, analysts expect that 8×8 will report full-year earnings of $0.07 per share for the current year, with EPS estimates ranging from $0.05 to $0.09. For the next year, analysts anticipate that the business will post earnings of $0.10 per share, with EPS estimates ranging from $0.07 to $0.13. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for 8×8.
8×8 (NASDAQ:EGHT) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). 8×8 had a negative net margin of 2.44% and a positive return on equity of 1.38%. The business had revenue of $69.10 million for the quarter, compared to analyst estimates of $68.65 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. The business’s revenue was up 15.1% on a year-over-year basis.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of 8×8 from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. B. Riley restated a “neutral” rating and set a $14.00 target price on shares of 8×8 in a research report on Wednesday, July 19th. William Blair restated a “hold” rating on shares of 8×8 in a research report on Sunday, July 30th. Northland Securities set a $18.00 price objective on shares of 8×8 and gave the company a “buy” rating in a research report on Friday, July 28th. Finally, Craig Hallum lowered shares of 8×8 from a “buy” rating to a “hold” rating and lowered their price objective for the company from $19.00 to $15.00 in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. 8×8 presently has an average rating of “Hold” and an average price target of $17.30.
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In other news, CFO Mary Ellen P. Genovese purchased 11,625 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was acquired at an average price of $12.78 per share, with a total value of $148,567.50. Following the purchase, the chief financial officer now directly owns 92,106 shares of the company’s stock, valued at approximately $1,177,114.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Vikram Verma purchased 11,700 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were purchased at an average cost of $12.80 per share, with a total value of $149,760.00. The disclosure for this purchase can be found here. 4.40% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Swiss National Bank raised its stake in shares of 8×8 by 2.8% during the 1st quarter. Swiss National Bank now owns 149,200 shares of the technology company’s stock worth $2,275,000 after buying an additional 4,100 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of 8×8 by 4.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 21,650 shares of the technology company’s stock worth $315,000 after buying an additional 1,010 shares during the last quarter. Summit Partners Public Asset Management LLC acquired a new position in shares of 8×8 during the 1st quarter worth $3,508,000. OppenheimerFunds Inc. acquired a new position in shares of 8×8 during the 1st quarter worth $219,000. Finally, Driehaus Capital Management LLC raised its stake in shares of 8×8 by 105.5% during the 1st quarter. Driehaus Capital Management LLC now owns 659,196 shares of the technology company’s stock worth $10,053,000 after buying an additional 338,495 shares during the last quarter. 69.48% of the stock is owned by institutional investors and hedge funds.
Shares of 8×8 (EGHT) opened at 13.60 on Friday. The firm’s market capitalization is $1.25 billion. The firm’s 50-day moving average is $13.66 and its 200 day moving average is $13.95. 8×8 has a 52 week low of $10.30 and a 52 week 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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