8×8, Inc. (NYSE:EGHT) Expected to Announce Earnings of -$0.13 Per Share

Brokerages forecast that 8×8, Inc. (NYSE:EGHT) will report ($0.13) earnings per share (EPS) for the current quarter, according to Zacks. Four analysts have made estimates for 8X8’s earnings, with the lowest EPS estimate coming in at ($0.16) and the highest estimate coming in at ($0.12). 8X8 posted earnings per share of ($0.14) during the same quarter last year, which would suggest a positive year-over-year growth rate of 7.1%. The company is scheduled to report its next quarterly earnings report on Tuesday, August 4th.

According to Zacks, analysts expect that 8X8 will report full year earnings of ($0.27) per share for the current fiscal year, with EPS estimates ranging from ($0.34) to $0.03. For the next year, analysts expect that the business will report earnings of ($0.02) per share, with EPS estimates ranging from ($0.18) to $0.10. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow 8X8.

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

A number of equities analysts recently issued reports on the company. Oppenheimer reaffirmed a “buy” rating and issued a $29.00 price target on shares of 8X8 in a report on Wednesday, May 13th. B. Riley reduced their price objective on 8X8 from $13.00 to $12.00 and set a “sell” rating for the company in a research note on Wednesday, May 13th. Northland Securities assumed coverage on 8X8 in a research note on Friday, June 19th. They issued a “buy” rating and a $23.00 price objective for the company. BTIG Research boosted 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. Finally, Craig Hallum reduced their price objective on 8X8 from $25.00 to $22.00 and set a “hold” rating for the company in a research note on Wednesday, May 13th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $21.71.

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

In other 8X8 news, CFO Steven Gatoff sold 2,062 shares of the 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 completion of the transaction, the chief financial officer now owns 26,234 shares in the company, valued at $436,796.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 5,243 shares of company stock valued at $86,422 in the last quarter. 3.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Sylebra Capital Ltd grew its holdings in 8X8 by 75.9% in the first quarter. Sylebra Capital Ltd now owns 8,996,695 shares of the technology company’s stock valued at $124,694,000 after purchasing an additional 3,882,116 shares during the last quarter. First Trust Advisors LP grew its holdings in 8X8 by 7.9% in the first quarter. First Trust Advisors LP now owns 4,506,557 shares of the technology company’s stock valued at $62,461,000 after purchasing an additional 328,976 shares during the last quarter. Waddell & Reed Financial Inc. grew its holdings in 8X8 by 6.2% in the first quarter. Waddell & Reed Financial Inc. now owns 3,867,269 shares of the technology company’s stock valued at $53,600,000 after purchasing an additional 224,653 shares during the last quarter. Westfield Capital Management Co. LP grew its holdings in 8X8 by 43.5% in the fourth quarter. Westfield Capital Management Co. LP now owns 3,070,399 shares of the technology company’s stock valued at $56,188,000 after purchasing an additional 930,947 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in 8X8 by 551.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,911,680 shares of the technology company’s stock valued at $40,356,000 after purchasing an additional 2,464,453 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors.

About 8X8

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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