$76.93 Million in Sales Expected for 8×8, Inc. (EGHT) This Quarter

Wall Street brokerages forecast that 8×8, Inc. (NASDAQ:EGHT) will report $76.93 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for 8X8’s earnings, with the highest sales estimate coming in at $78.03 million and the lowest estimate coming in at $76.36 million. 8X8 reported sales of $66.49 million during the same quarter last year, which would suggest a positive year over year growth rate of 15.7%. The company is expected to announce its next quarterly earnings results after the market closes on Thursday, May 24th.

On average, analysts expect that 8X8 will report full-year sales of $294.00 million for the current fiscal year, with estimates ranging from $293.49 million to $295.19 million. For the next year, analysts expect that the business will post sales of $347.65 million per share, with estimates ranging from $337.83 million to $353.74 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow 8X8.

Several research firms have commented on EGHT. CIBC began coverage on 8X8 in a report on Thursday, April 19th. They set an “outperform” rating on the stock. BidaskClub upgraded 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, April 20th. Morgan Stanley set a $24.00 price objective on 8X8 and gave the stock a “buy” rating in a report on Friday, April 27th. Oppenheimer began coverage on 8X8 in a report on Thursday, April 19th. They set an “outperform” rating and a $25.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price objective (up from $19.00) on shares of 8X8 in a report on Friday, March 16th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $19.91.

8X8 traded up $0.50, hitting $22.05, during trading on Friday, according to MarketBeat. 35,115 shares of the stock were exchanged, compared to its average volume of 821,734. 8X8 has a 1 year low of $21.55 and a 1 year high of $21.90.

In other news, insider Dejan Deklich sold 9,300 shares of the firm’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $19.70, for a total value of $183,210.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Darren J. Hakeman sold 8,000 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $18.47, for a total value of $147,760.00. Following the completion of the sale, the senior vice president now directly owns 62,886 shares of the company’s stock, valued at approximately $1,161,504.42. The disclosure for this sale can be found here. Company insiders own 4.40% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in shares of 8X8 by 352.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,831 shares of the technology company’s stock worth $147,000 after purchasing an additional 6,099 shares in the last quarter. Elkfork Partners LLC acquired a new stake in shares of 8X8 in the 4th quarter worth $150,000. Xact Kapitalforvaltning AB acquired a new stake in shares of 8X8 in the 4th quarter worth $157,000. Stone Ridge Asset Management LLC acquired a new stake in shares of 8X8 in the 4th quarter worth $199,000. Finally, SG Americas Securities LLC acquired a new stake in shares of 8X8 in the 1st quarter worth $234,000. 71.56% of the stock is owned by hedge funds and other 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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