-$0.17 EPS Expected for 8×8, Inc. (NASDAQ:EGHT) This Quarter

Equities analysts expect that 8×8, Inc. (NASDAQ:EGHT) will report earnings per share (EPS) of ($0.17) for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for 8X8’s earnings, with the lowest EPS estimate coming in at ($0.18) and the highest estimate coming in at ($0.16). 8X8 reported earnings per share of ($0.04) during the same quarter last year, which would suggest a negative year-over-year growth rate of 325%. The company is scheduled to report its next quarterly earnings report on Monday, November 4th.

According to Zacks, analysts expect that 8X8 will report full year earnings of ($0.55) per share for the current fiscal year, with EPS estimates ranging from ($0.59) to ($0.53). For the next year, analysts expect that the business will post earnings of ($0.21) per share, with EPS estimates ranging from ($0.38) to ($0.08). Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for 8X8.

8X8 (NASDAQ:EGHT) last posted its earnings results on Tuesday, July 30th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.15. The company had revenue of $96.68 million for the quarter, compared to the consensus estimate of $95.88 million. 8X8’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.04) EPS.



Several equities analysts have issued reports on EGHT shares. Oppenheimer set a $29.00 target price on shares of 8X8 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Stephens restated a “buy” rating and set a $27.00 target price on shares of 8X8 in a research note on Tuesday, May 14th. Dougherty & Co upgraded shares of 8X8 from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 31st. Zacks Investment Research cut shares of 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Finally, Bank of America upped their target price on shares of 8X8 from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $26.11.

EGHT traded down $0.34 during midday trading on Friday, hitting $24.51. 357,972 shares of the company traded hands, compared to its average volume of 1,324,832. The firm has a 50-day moving average of $24.76. 8X8 has a 52 week low of $15.13 and a 52 week high of $26.67.

In other 8X8 news, CEO Vikram Verma bought 4,200 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was acquired at an average cost of $23.54 per share, for a total transaction of $98,868.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.40% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of 8X8 by 25.0% during the second quarter. Vanguard Group Inc. now owns 10,021,329 shares of the technology company’s stock worth $241,514,000 after acquiring an additional 2,002,790 shares during the last quarter. Norges Bank purchased a new stake in shares of 8X8 during the fourth quarter worth about $14,469,000. Wells Fargo & Company MN grew its stake in shares of 8X8 by 50.4% during the first quarter. Wells Fargo & Company MN now owns 1,456,393 shares of the technology company’s stock worth $29,419,000 after acquiring an additional 488,189 shares during the last quarter. First Trust Advisors LP boosted its position in 8X8 by 7.2% in the first quarter. First Trust Advisors LP now owns 4,375,246 shares of the technology company’s stock valued at $88,380,000 after buying an additional 295,759 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its position in 8X8 by 19.6% in the first quarter. Westfield Capital Management Co. LP now owns 1,271,710 shares of the technology company’s stock valued at $25,689,000 after buying an additional 208,570 shares during the last quarter. Institutional investors and hedge funds own 71.56% of the company’s stock.

8X8 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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Earnings History and Estimates for 8X8 (NASDAQ:EGHT)

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