Zacks: Analysts Anticipate 8×8, Inc. (NYSE:EGHT) Will Post Quarterly Sales of $186.54 Million – MarketBeat

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Wall Street analysts expect that 8×8, Inc. (NYSE:EGHTGet Rating) will report sales of $186.54 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for 8X8’s earnings. The highest sales estimate is $187.55 million and the lowest is $186.00 million. 8X8 reported sales of $148.33 million in the same quarter last year, which indicates a positive year-over-year growth rate of 25.8%. The company is scheduled to report its next earnings results on Monday, January 1st.
On average, analysts expect that 8X8 will report full-year sales of $780.44 million for the current year, with estimates ranging from $775.65 million to $782.80 million. For the next year, analysts anticipate that the company will post sales of $881.88 million, with estimates ranging from $876.13 million to $891.30 million. Zacks’ sales averages are an average based on a survey of research firms that cover 8X8.
8X8 (NYSE:EGHTGet Rating) last announced its earnings results on Wednesday, May 11th. The technology company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.12. The company had revenue of $181.37 million for the quarter, compared to analyst estimates of $180.87 million. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. 8X8’s quarterly revenue was up 25.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.33) EPS.
Several equities research analysts have recently commented on the company. Mizuho reduced their target price on 8X8 from $15.00 to $10.00 in a report on Wednesday, May 11th. Barclays dropped their target price on 8X8 from $17.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 26th. Morgan Stanley dropped their target price on 8X8 from $18.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 22nd. Evercore ISI lowered their price objective on 8X8 from $30.00 to $18.00 in a report on Wednesday, May 11th. Finally, Needham & Company LLC lowered their target price on 8X8 from $22.00 to $13.00 in a report on Wednesday, May 11th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, 8X8 presently has an average rating of “Hold” and an average price target of $16.27.
NYSE:EGHT opened at $7.94 on Friday. 8X8 has a 1 year low of $7.49 and a 1 year high of $28.68. The stock has a market cap of $939.55 million, a price-to-earnings ratio of -5.03 and a beta of 1.10. The business has a fifty day moving average of $10.53 and a 200-day moving average of $14.61. The company has a debt-to-equity ratio of 3.76, a quick ratio of 3.03 and a current ratio of 3.03.
In related news, SVP Matthew Zinn sold 3,763 shares of the stock in a transaction on Sunday, May 15th. The shares were sold at an average price of $7.94, for a total transaction of $29,878.22. Following the completion of the transaction, the senior vice president now owns 85,323 shares in the company, valued at $677,464.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hunter Middleton sold 3,559 shares of the stock in a transaction on Monday, May 16th. The stock was sold at an average price of $7.94, for a total transaction of $28,258.46. Following the transaction, the insider now owns 58,640 shares of the company’s stock, valued at approximately $465,601.60. The disclosure for this sale can be found here. Insiders have sold 57,089 shares of company stock valued at $557,338 over the last ninety days. 2.20% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in EGHT. Russell Investments Group Ltd. lifted its stake in 8X8 by 5.2% in the third quarter. Russell Investments Group Ltd. now owns 129,966 shares of the technology company’s stock valued at $3,039,000 after acquiring an additional 6,403 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in 8X8 by 27.5% in the third quarter. Teacher Retirement System of Texas now owns 16,451 shares of the technology company’s stock valued at $385,000 after acquiring an additional 3,544 shares during the last quarter. Allianz Asset Management GmbH acquired a new stake in 8X8 in the third quarter valued at $3,486,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in 8X8 by 0.7% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 84,945 shares of the technology company’s stock valued at $1,987,000 after acquiring an additional 612 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in 8X8 by 0.8% in the third quarter. Public Sector Pension Investment Board now owns 226,377 shares of the technology company’s stock valued at $5,295,000 after acquiring an additional 1,820 shares during the last quarter. Hedge funds and other institutional investors own 92.72% of the company’s stock.
8X8 Company Profile (Get Rating)
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 offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.
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