FY2024 EPS Estimates for 8×8, Inc. Cut by B. Riley (NASDAQ:EGHT)

8×8, Inc. (NASDAQ:EGHT) – Research analysts at B. Riley dropped their FY2024 EPS estimates for shares of 8X8 in a report issued on Wednesday, May 1st. B. Riley analyst J. Nichols now expects that the company will post earnings per share of ($0.08) for the year, down from their prior estimate of ($0.07). The consensus estimate for 8X8’s current full-year earnings is ($0.06) per share. B. Riley also issued estimates for 8X8’s Q4 2024 earnings at ($0.05) EPS.

Several other analysts have also weighed in on EGHT. Rosenblatt Securities reissued a “buy” rating and issued a $4.00 target price on shares of 8X8 in a report on Monday, March 18th. Morgan Stanley lowered their price objective on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $5.00 target price on shares of 8X8 in a research report on Thursday, February 1st. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.68.

8X8 Stock Performance

NASDAQ EGHT opened at $2.23 on Friday. The business has a 50 day moving average price of $2.57 and a 200 day moving average price of $2.94. The company has a market capitalization of $275.23 million, a P/E ratio of -5.07 and a beta of 1.46. 8X8 has a 1-year low of $2.12 and a 1-year high of $4.88. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31.

Insider Activity at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the sale, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at approximately $2,719,286.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 32,289 shares of company stock valued at $81,979. 1.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Sylebra Capital LLC purchased a new stake in shares of 8X8 in the third quarter valued at $36,261,000. Kent Lake Capital LLC purchased a new stake in 8X8 in the 4th quarter valued at about $10,395,000. Bank of New York Mellon Corp grew its holdings in 8X8 by 210.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,985,780 shares of the company’s stock valued at $7,524,000 after buying an additional 2,024,020 shares during the period. Invenomic Capital Management LP increased its stake in shares of 8X8 by 91.1% during the 4th quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock valued at $7,854,000 after acquiring an additional 990,352 shares during the last quarter. Finally, Impax Asset Management Group plc lifted its holdings in shares of 8X8 by 34.2% during the 3rd quarter. Impax Asset Management Group plc now owns 3,330,000 shares of the company’s stock worth $8,392,000 after acquiring an additional 848,201 shares during the period. 93.99% of the stock is currently owned by institutional investors and hedge funds.

About 8X8

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.