8×8 Inc (EGHT) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS
8×8 Inc (NASDAQ:EGHT) announced its quarterly earnings data on Thursday. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01, Briefing.com reports. 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The company had revenue of $72.48 million for the quarter, compared to analysts’ expectations of $71.65 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. 8×8’s revenue was up 14.7% compared to the same quarter last year.
Shares of 8×8 (NASDAQ EGHT) remained flat at $12.50 during mid-day trading on Thursday. 1,201,398 shares of the company’s stock were exchanged. 8×8 has a 1-year low of $10.30 and a 1-year high of $16.80. The stock’s 50 day moving average is $13.48 and its 200 day moving average is $13.79. The firm’s market capitalization is $1.15 billion.
Several research analysts recently issued reports on EGHT shares. Zacks Investment Research raised 8×8 from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Tuesday, July 18th. Northland Securities set a $18.00 price objective on 8×8 and gave the stock a “buy” rating in a research note on Friday, July 28th. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Craig Hallum cut 8×8 from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $19.00 to $15.00 in a research note on Friday, July 28th. Finally, ValuEngine raised 8×8 from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $17.30.
In other news, CEO Vikram Verma bought 11,700 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average price of $12.80 per share, for a total transaction of $149,760.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mary Ellen P. Genovese bought 11,625 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were purchased 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 owns 92,106 shares of the company’s stock, valued at approximately $1,177,114.68. The disclosure for this purchase can be found here. Insiders own 4.40% of the company’s stock.
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8×8 Company Profile
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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