8X8 (NASDAQ:EGHT) Announces Earnings Results

8X8 (NASDAQ:EGHT) posted its quarterly earnings results on Tuesday. The company reported $0.11 earnings per share for the quarter, FiscalAI reports. 8X8 had a negative net margin of 0.53% and a positive return on equity of 20.12%. The firm had revenue of $185.25 million for the quarter.

8X8 Price Performance

Shares of NASDAQ:EGHT traded up $0.03 on Tuesday, hitting $2.42. The stock had a trading volume of 1,839,024 shares, compared to its average volume of 1,630,690. 8X8 has a twelve month low of $1.56 and a twelve month high of $2.88. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.13 and a current ratio of 1.13. The firm’s 50 day moving average price is $2.02 and its 200-day moving average price is $2.03. The company has a market capitalization of $336.46 million, a price-to-earnings ratio of -120.69, a price-to-earnings-growth ratio of 1.80 and a beta of 1.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC acquired a new position in 8X8 during the 1st quarter valued at about $25,000. Prelude Capital Management LLC acquired a new position in 8X8 during the 3rd quarter valued at about $26,000. CIBC Bancorp USA Inc. acquired a new position in 8X8 during the 3rd quarter valued at about $30,000. Schonfeld Strategic Advisors LLC acquired a new position in 8X8 during the 3rd quarter valued at about $31,000. Finally, Abel Hall LLC acquired a new position in 8X8 during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Weiss Ratings upgraded shares of 8X8 from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. Rosenblatt Securities reduced their target price on shares of 8X8 from $3.50 to $2.75 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Finally, Zacks Research downgraded shares of 8X8 from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus price target of $2.33.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.