$76.96 Million in Sales Expected for 8×8, Inc. (EGHT) This Quarter

Brokerages expect 8×8, Inc. (NASDAQ:EGHT) to report $76.96 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for 8X8’s earnings. The lowest sales estimate is $76.36 million and the highest is $78.03 million. 8X8 reported sales of $66.49 million in the same quarter last year, which suggests a positive year-over-year growth rate of 15.7%. The business is expected to announce its next earnings report on Thursday, May 24th.

On average, analysts expect that 8X8 will report full year sales of $76.96 million for the current fiscal year, with estimates ranging from $292.71 million to $295.19 million. For the next year, analysts expect that the firm will report sales of $346.80 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 research firms that follow 8X8.

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8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, January 25th. The technology company reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.06. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company had revenue of $75.58 million for the quarter, compared to analyst estimates of $73.90 million. During the same period in the prior year, the company posted $0.06 EPS. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis.

Several equities analysts recently issued reports on EGHT shares. BidaskClub raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Friday, February 16th. Zacks Investment Research raised shares of 8X8 from a “sell” rating to a “hold” rating in a report on Monday, January 29th. Needham & Company LLC reissued 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. B. Riley reissued a “hold” rating and set a $14.00 price objective on shares of 8X8 in a report on Tuesday, January 23rd. Finally, William Blair reissued a “hold” rating on shares of 8X8 in a report on Tuesday, January 23rd. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $18.90.

In other 8X8 news, insider Bryan R. Martin sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $17.86, for a total value of $1,786,000.00. Following the completion of the sale, the insider now directly owns 1,001,010 shares in the company, valued at $17,878,038.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dejan Deklich sold 9,300 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $19.70, for a total transaction of $183,210.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 117,300 shares of company stock valued at $2,116,970. 4.40% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in EGHT. SG Americas Securities LLC acquired a new stake in 8X8 in the third quarter valued at approximately $139,000. Elkfork Partners LLC acquired a new stake in shares of 8X8 during the fourth quarter worth $150,000. Xact Kapitalforvaltning AB acquired a new stake in shares of 8X8 during the fourth quarter worth $157,000. Sei Investments Co. lifted its stake in shares of 8X8 by 158.9% during the third quarter. Sei Investments Co. now owns 14,253 shares of the technology company’s stock worth $192,000 after buying an additional 8,747 shares during the period. Finally, Virginia Retirement Systems ET AL acquired a new stake in shares of 8X8 during the third quarter worth $197,000. Institutional investors own 71.56% of the company’s stock.

Shares of NASDAQ:EGHT opened at $18.55 on Monday. 8X8 has a one year low of $10.30 and a one year high of $20.25.

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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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