Analysts Anticipate 8×8, Inc. (EGHT) to Announce -$0.08 EPS

Wall Street brokerages predict that 8×8, Inc. (NASDAQ:EGHT) will announce earnings per share of ($0.08) for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for 8X8’s earnings, with the highest EPS estimate coming in at ($0.06) and the lowest estimate coming in at ($0.09). 8X8 reported earnings per share of ($0.03) during the same quarter last year, which suggests a negative year over year growth rate of 166.7%. The firm is scheduled to issue its next earnings report after the market closes on Tuesday, May 14th.

On average, analysts expect that 8X8 will report full year earnings of ($0.21) per share for the current year, with EPS estimates ranging from ($0.22) to ($0.20). For the next financial year, analysts forecast that the business will report earnings of ($0.13) per share, with EPS estimates ranging from ($0.19) to ($0.05). Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that that provide coverage for 8X8.

A number of research analysts have commented on the stock. Rosenblatt Securities restated a “buy” rating and issued a $22.50 price objective on shares of 8X8 in a research note on Monday, March 25th. BidaskClub upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Thursday, March 14th. Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Thursday, March 21st. Guggenheim assumed coverage on shares of 8X8 in a research note on Monday, March 11th. They issued a “neutral” rating and a $20.00 price objective on the stock. Finally, Needham & Company LLC dropped their price objective on shares of 8X8 from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, January 30th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $22.21.

In other 8X8 news, EVP Dejan Deklich sold 36,136 shares of 8X8 stock in a transaction on Monday, April 15th. The shares were sold at an average price of $22.06, for a total value of $797,160.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.40% of the company’s stock.

Institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in 8X8 by 1.2% during the first quarter. BlackRock Inc. now owns 14,036,160 shares of the technology company’s stock worth $283,531,000 after purchasing an additional 164,424 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in 8X8 by 5.4% during the first quarter. Parametric Portfolio Associates LLC now owns 113,154 shares of the technology company’s stock worth $2,286,000 after purchasing an additional 5,774 shares during the last quarter. First Trust Advisors LP increased its position in 8X8 by 7.2% during the first quarter. First Trust Advisors LP now owns 4,375,246 shares of the technology company’s stock worth $88,380,000 after purchasing an additional 295,759 shares during the last quarter. Piedmont Investment Advisors Inc. increased its position in 8X8 by 6.3% during the first quarter. Piedmont Investment Advisors Inc. now owns 24,094 shares of the technology company’s stock worth $487,000 after purchasing an additional 1,423 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its position in 8X8 by 2.3% during the first quarter. Great West Life Assurance Co. Can now owns 130,348 shares of the technology company’s stock worth $2,631,000 after purchasing an additional 2,884 shares during the last quarter. Institutional investors and hedge funds own 71.56% of the company’s stock.

NASDAQ EGHT traded down $0.22 during trading on Thursday, reaching $23.79. The company’s stock had a trading volume of 2,055,100 shares, compared to its average volume of 1,207,407. 8X8 has a twelve month low of $15.13 and a twelve month high of $24.39.

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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