$120.49 Million in Sales Expected for 8×8, Inc. (NYSE:EGHT) This Quarter

Equities analysts predict that 8×8, Inc. (NYSE:EGHT) will report sales of $120.49 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for 8X8’s earnings. The lowest sales estimate is $119.93 million and the highest is $121.04 million. 8X8 reported sales of $96.68 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 24.6%. The company is scheduled to report its next earnings report on Tuesday, August 4th.

According to Zacks, analysts expect that 8X8 will report full year sales of $520.27 million for the current fiscal year, with estimates ranging from $514.82 million to $525.47 million. For the next fiscal year, analysts forecast that the company will report sales of $617.98 million, with estimates ranging from $594.43 million to $638.27 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for 8X8.

8X8 (NYSE:EGHT) last posted its quarterly earnings data on Tuesday, May 12th. The technology company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. 8X8 had a negative return on equity of 57.92% and a negative net margin of 38.63%. The business had revenue of $121.48 million for the quarter, compared to analyst estimates of $119.33 million. During the same quarter last year, the company earned ($0.09) earnings per share. The business’s revenue for the quarter was up 29.6% compared to the same quarter last year.

EGHT has been the topic of several analyst reports. Stephens reiterated a “buy” rating on shares of 8X8 in a report on Wednesday, June 10th. Oppenheimer restated a “buy” rating and set a $29.00 price objective on shares of 8X8 in a research note on Wednesday, May 13th. BTIG Research raised their price objective on 8X8 from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Robert W. Baird decreased their target price on 8X8 from $29.00 to $23.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Finally, Northland Securities initiated coverage on 8X8 in a research report on Friday, June 19th. They issued a “buy” rating and a $23.00 target price for the company. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $21.71.

In other news, CFO Steven Gatoff sold 2,062 shares of the business’s stock in a transaction on Friday, April 24th. The stock was sold at an average price of $16.65, for a total value of $34,332.30. Following the sale, the chief financial officer now owns 26,234 shares of the company’s stock, valued at approximately $436,796.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 5,243 shares of company stock worth $86,422 in the last three months. Company insiders own 3.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of EGHT. Swiss National Bank grew its holdings in shares of 8X8 by 5.2% in the 4th quarter. Swiss National Bank now owns 190,100 shares of the technology company’s stock worth $3,479,000 after acquiring an additional 9,400 shares during the last quarter. State Street Corp grew its holdings in shares of 8X8 by 0.5% during the fourth quarter. State Street Corp now owns 2,827,102 shares of the technology company’s stock valued at $51,736,000 after buying an additional 14,814 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of 8X8 by 18.6% during the fourth quarter. Victory Capital Management Inc. now owns 17,682 shares of the technology company’s stock valued at $324,000 after buying an additional 2,772 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of 8X8 by 17.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 22,014 shares of the technology company’s stock valued at $403,000 after buying an additional 3,314 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of 8X8 by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 603,690 shares of the technology company’s stock valued at $11,048,000 after buying an additional 14,925 shares in the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

Shares of 8X8 stock traded up $0.03 during trading hours on Friday, reaching $15.50. The stock had a trading volume of 10,844 shares, compared to its average volume of 2,179,823. The firm has a 50 day simple moving average of $15.58 and a two-hundred day simple moving average of $17.25. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of -8.94 and a beta of 0.96. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 2.01. 8X8 has a 1 year low of $10.70 and a 1 year high of $26.67.

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 (NYSE:EGHT)

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