$107.00 Million in Sales Expected for 8×8, Inc. (NYSE:EGHT) This Quarter

Analysts forecast that 8×8, Inc. (NYSE:EGHT) will report $107.00 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for 8X8’s earnings. The highest sales estimate is $107.66 million and the lowest is $106.43 million. 8X8 posted sales of $85.68 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 24.9%. The firm is scheduled to issue its next earnings report after the market closes on Wednesday, October 30th.

According to Zacks, analysts expect that 8X8 will report full-year sales of $434.32 million for the current fiscal year, with estimates ranging from $411.00 million to $439.16 million. For the next financial year, analysts expect that the company will post sales of $531.00 million, with estimates ranging from $507.90 million to $556.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow 8X8.

8X8 (NYSE:EGHT) last announced its earnings results on Tuesday, July 30th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.15. The business had revenue of $96.68 million for the quarter, compared to analysts’ expectations of $95.88 million. 8X8 had a negative return on equity of 34.10% and a negative net margin of 29.41%. The business’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.04) EPS.

A number of brokerages recently issued reports on EGHT. Northland Securities restated a “buy” rating and issued a $29.00 target price on shares of 8X8 in a research note on Sunday, September 22nd. Needham & Company LLC raised their target price on 8X8 from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Morgan Stanley raised their target price on 8X8 from $26.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Craig Hallum restated a “hold” rating and issued a $25.00 target price (up previously from $19.00) on shares of 8X8 in a research note on Thursday, July 18th. Finally, ValuEngine lowered 8X8 from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 2nd. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. 8X8 has a consensus rating of “Hold” and an average target price of $25.11.

In other news, CEO Vikram Verma acquired 4,200 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average cost of $23.54 per share, for a total transaction of $98,868.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Dejan Deklich sold 7,593 shares of 8X8 stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $22.60, for a total value of $171,601.80. Following the completion of the sale, the executive vice president now owns 9,428 shares in the company, valued at $213,072.80. The disclosure for this sale can be found here. 3.00% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue lifted its holdings in 8X8 by 1.7% in the second quarter. State of Alaska Department of Revenue now owns 32,778 shares of the technology company’s stock valued at $789,000 after acquiring an additional 537 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in 8X8 by 2.3% in the second quarter. Municipal Employees Retirement System of Michigan now owns 28,610 shares of the technology company’s stock valued at $690,000 after purchasing an additional 650 shares during the period. Oregon Public Employees Retirement Fund raised its position in 8X8 by 1.9% in the second quarter. Oregon Public Employees Retirement Fund now owns 37,636 shares of the technology company’s stock valued at $907,000 after purchasing an additional 700 shares during the period. State Board of Administration of Florida Retirement System raised its position in 8X8 by 1.5% in the second quarter. State Board of Administration of Florida Retirement System now owns 50,119 shares of the technology company’s stock valued at $1,208,000 after purchasing an additional 760 shares during the period. Finally, Arizona State Retirement System increased its position in shares of 8X8 by 1.2% during the second quarter. Arizona State Retirement System now owns 149,362 shares of the technology company’s stock worth $3,600,000 after acquiring an additional 1,801 shares during the period. Institutional investors and hedge funds own 87.60% of the company’s stock.

NYSE EGHT traded up $0.14 during midday trading on Friday, hitting $18.97. 9,289 shares of the company traded hands, compared to its average volume of 1,322,349. The company has a debt-to-equity ratio of 1.00, a current ratio of 4.02 and a quick ratio of 4.02. The company has a market cap of $1.87 billion, a PE ratio of -27.33 and a beta of 0.71. The company’s 50-day simple moving average is $21.89 and its 200-day simple moving average is $23.40. 8X8 has a 52 week low of $15.13 and a 52 week 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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