$73.41 Million in Sales Expected for 8×8, Inc. (EGHT) This Quarter

Brokerages expect that 8×8, Inc. (NASDAQ:EGHT) will post $73.41 million in sales for the current fiscal quarter, according to Zacks. Six analysts have made estimates for 8X8’s earnings, with estimates ranging from $69.67 million to $75.24 million. 8X8 reported sales of $63.68 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 15.3%. The company is expected to announce its next earnings report on Wednesday, January 24th.

According to Zacks, analysts expect that 8X8 will report full-year sales of $73.41 million for the current financial year, with estimates ranging from $275.09 million to $293.48 million. For the next year, analysts forecast 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 averages are a mean average based on a survey of sell-side research firms that cover 8X8.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. The business had revenue of $72.48 million during the quarter, compared to the consensus estimate of $71.65 million. 8X8 had a positive return on equity of 0.03% and a negative net margin of 2.56%. The company’s revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 earnings per share.

Several brokerages recently weighed in on EGHT. Zacks Investment Research downgraded 8X8 from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. B. Riley reaffirmed a “hold” rating and set a $14.00 price target on shares of 8X8 in a report on Tuesday, October 24th. William Blair reaffirmed a “hold” rating on shares of 8X8 in a report on Friday, November 17th. Robert W. Baird reaffirmed a “buy” rating and set a $17.00 price target on shares of 8X8 in a report on Friday, November 17th. Finally, Summit Redstone downgraded 8X8 from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. 8X8 presently has an average rating of “Buy” and a consensus target price of $17.30.

A number of institutional investors have recently added to or reduced their stakes in EGHT. Schwab Charles Investment Management Inc. lifted its holdings in 8X8 by 0.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 376,596 shares of the technology company’s stock valued at $5,480,000 after acquiring an additional 3,209 shares during the period. Bank of New York Mellon Corp lifted its holdings in 8X8 by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 1,060,859 shares of the technology company’s stock valued at $15,435,000 after acquiring an additional 53,899 shares during the period. Legal & General Group Plc lifted its holdings in 8X8 by 8.8% in the second quarter. Legal & General Group Plc now owns 178,769 shares of the technology company’s stock valued at $2,600,000 after acquiring an additional 14,393 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in 8X8 by 58.5% in the second quarter. BNP Paribas Arbitrage SA now owns 27,189 shares of the technology company’s stock valued at $396,000 after acquiring an additional 10,040 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in 8X8 by 5.8% in the second quarter. Principal Financial Group Inc. now owns 743,883 shares of the technology company’s stock valued at $10,824,000 after acquiring an additional 40,512 shares during the period. 71.56% of the stock is owned by institutional investors.

Shares of 8X8 (NASDAQ EGHT) opened at $15.25 on Friday. 8X8 has a fifty-two week low of $10.30 and a fifty-two week high of $16.80. The firm has a market capitalization of $1,400.00, a price-to-earnings ratio of -190.63 and a beta of 0.37.

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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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