-$0.05 EPS Expected for 8×8, Inc. (EGHT) This Quarter

Brokerages expect that 8×8, Inc. (NASDAQ:EGHT) will post ($0.05) earnings per share for the current quarter, according to Zacks Investment Research. Seven analysts have provided estimates for 8X8’s earnings, with the lowest EPS estimate coming in at ($0.05) and the highest estimate coming in at ($0.02). 8X8 reported earnings of $0.01 per share during the same quarter last year, which would indicate a negative year over year growth rate of 600%. The firm is scheduled to report its next earnings results after the market closes on Monday, October 29th.

According to Zacks, analysts expect that 8X8 will report full-year earnings of ($0.16) per share for the current financial year, with EPS estimates ranging from ($0.17) to ($0.14). For the next fiscal year, analysts forecast that the business will post earnings of ($0.07) per share, with EPS estimates ranging from ($0.13) to $0.04. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that cover 8X8.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Thursday, July 26th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The business had revenue of $83.20 million for the quarter, compared to the consensus estimate of $81.02 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The firm’s quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS.

Several research analysts recently issued reports on EGHT shares. Stifel Nicolaus assumed coverage on shares of 8X8 in a research report on Wednesday, July 11th. They set a “buy” rating and a $25.00 price target on the stock. Zacks Investment Research upgraded shares of 8X8 from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of 8X8 in a research report on Friday, July 27th. B. Riley upped their target price on shares of 8X8 from $16.00 to $22.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Finally, BidaskClub downgraded shares of 8X8 from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $23.25.

NASDAQ EGHT traded down $0.39 on Friday, hitting $17.81. 777,892 shares of the company were exchanged, compared to its average volume of 867,664. 8X8 has a 1-year low of $12.00 and a 1-year high of $23.50.

In other 8X8 news, SVP Darren J. Hakeman sold 8,000 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $23.25, for a total transaction of $186,000.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 4.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in 8X8 by 13.2% during the 2nd quarter. BlackRock Inc. now owns 12,987,725 shares of the technology company’s stock valued at $260,403,000 after purchasing an additional 1,517,513 shares during the period. First Trust Advisors LP raised its position in shares of 8X8 by 17.4% in the 2nd quarter. First Trust Advisors LP now owns 4,725,161 shares of the technology company’s stock valued at $94,739,000 after acquiring an additional 700,508 shares during the period. Point72 Asset Management L.P. raised its position in shares of 8X8 by 35.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,126,500 shares of the technology company’s stock valued at $62,686,000 after acquiring an additional 810,900 shares during the period. Kornitzer Capital Management Inc. KS raised its position in shares of 8X8 by 4.6% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 1,683,930 shares of the technology company’s stock valued at $33,763,000 after acquiring an additional 74,735 shares during the period. Finally, Northern Trust Corp raised its position in shares of 8X8 by 3.9% in the 2nd quarter. Northern Trust Corp now owns 1,189,119 shares of the technology company’s stock valued at $23,842,000 after acquiring an additional 44,713 shares during the period. Institutional investors own 71.56% of the company’s stock.

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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Earnings History and Estimates for 8X8 (NASDAQ:EGHT)

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