Brokerages forecast that 8×8, Inc. (NASDAQ:EGHT) will report $73.41 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for 8X8’s earnings, with estimates ranging from $69.67 million to $75.24 million. 8X8 reported sales of $63.68 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 15.3%. The business is scheduled to report its next earnings report on Wednesday, January 24th.
On average, analysts expect that 8X8 will report full year sales of $73.41 million for the current year, with estimates ranging from $275.09 million to $293.48 million. For the next year, analysts anticipate that the company will post sales of $342.97 million per share, with estimates ranging from $325.55 million to $354.15 million. Zacks’ sales calculations are an average based on a survey of research firms that cover 8X8.
8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company had revenue of $72.48 million for the quarter, compared to analysts’ expectations of $71.65 million. During the same quarter in the prior year, the firm earned $0.06 EPS. The business’s revenue was up 14.7% on a year-over-year basis.
A number of equities research analysts recently weighed in on EGHT shares. Zacks Investment Research lowered shares of 8X8 from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. ValuEngine upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Robert W. Baird reiterated a “buy” rating and issued a $17.00 price objective on shares of 8X8 in a research note on Friday, November 17th. B. Riley reiterated a “hold” rating and issued a $14.00 price objective on shares of 8X8 in a research note on Tuesday, October 24th. Finally, Summit Redstone lowered shares of 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $17.30.
Shares of 8X8 (NASDAQ EGHT) opened at $14.40 on Monday. 8X8 has a fifty-two week low of $10.30 and a fifty-two week high of $16.80.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGHT. Riverhead Capital Management LLC boosted its holdings in 8X8 by 85.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 9,084 shares of the technology company’s stock valued at $132,000 after purchasing an additional 4,184 shares during the period. Flinton Capital Management LLC boosted its holdings in 8X8 by 84.8% in the 2nd quarter. Flinton Capital Management LLC now owns 9,112 shares of the technology company’s stock valued at $133,000 after purchasing an additional 4,182 shares during the period. SG Americas Securities LLC bought a new position in 8X8 in the 3rd quarter valued at $139,000. Dynamic Technology Lab Private Ltd bought a new position in 8X8 in the 3rd quarter valued at $169,000. Finally, Pinebridge Investments L.P. boosted its holdings in 8X8 by 1.8% in the 2nd quarter. Pinebridge Investments L.P. now owns 12,071 shares of the technology company’s stock valued at $176,000 after purchasing an additional 209 shares during the period. 71.56% of the stock is owned by institutional investors.
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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