8×8, Inc. (NYSE:EGHT) Expected to Announce Earnings of -$0.17 Per Share

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Equities analysts forecast that 8×8, Inc. (NYSE:EGHT) will announce earnings of ($0.17) per share for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for 8X8’s earnings, with estimates ranging from ($0.18) to ($0.16). 8X8 reported earnings of ($0.04) per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 325%. The firm is expected to report its next quarterly earnings report after the market closes on Wednesday, October 30th.

On average, analysts expect that 8X8 will report full-year earnings of ($0.55) per share for the current financial year, with EPS estimates ranging from ($0.57) to ($0.53). For the next fiscal year, analysts anticipate that the company will post earnings of ($0.21) per share, with EPS estimates ranging from ($0.38) to ($0.08). Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for 8X8.

8X8 (NYSE:EGHT) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.15. The firm had revenue of $96.68 million for the quarter, compared to the consensus estimate of $95.88 million. 8X8 had a negative return on equity of 34.10% and a negative net margin of 29.41%. The business’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) EPS.

EGHT has been the topic of several research analyst reports. Craig Hallum reaffirmed a “hold” rating and set a $25.00 target price (up previously from $19.00) on shares of 8X8 in a research note on Thursday, July 18th. Bank of America cut 8X8 from a “neutral” rating to an “underperform” rating and set a $21.00 target price on the stock. in a research note on Monday, September 30th. BidaskClub cut 8X8 from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $27.00 target price (up previously from $22.50) on shares of 8X8 in a research note on Wednesday, July 24th. Finally, Morgan Stanley lifted their target price on 8X8 from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. 8X8 currently has an average rating of “Hold” and an average target price of $25.11.

In other news, CEO Vikram Verma purchased 3,060 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $23.99 per share, with a total value of $73,409.40. Following the purchase, the chief executive officer now owns 2,464 shares in the company, valued at approximately $59,111.36. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dejan Deklich sold 7,593 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $22.60, for a total value of $171,601.80. Following the completion of the sale, the executive vice president now directly owns 9,428 shares of the company’s stock, valued at approximately $213,072.80. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in EGHT. Sylebra Capital Ltd grew its stake in shares of 8X8 by 2,849.6% in the 2nd quarter. Sylebra Capital Ltd now owns 4,238,543 shares of the technology company’s stock valued at $102,149,000 after buying an additional 4,094,842 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of 8X8 by 25.0% in the 2nd quarter. Vanguard Group Inc. now owns 10,021,329 shares of the technology company’s stock valued at $241,514,000 after buying an additional 2,002,790 shares in the last quarter. Waddell & Reed Financial Inc. grew its stake in shares of 8X8 by 59.9% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 3,167,976 shares of the technology company’s stock valued at $76,348,000 after buying an additional 1,187,093 shares in the last quarter. SRS Investment Management LLC bought a new stake in shares of 8X8 in the 2nd quarter valued at approximately $26,733,000. Finally, Morgan Stanley lifted its holdings in 8X8 by 48.0% in the 2nd quarter. Morgan Stanley now owns 2,311,282 shares of the technology company’s stock worth $55,701,000 after purchasing an additional 749,520 shares during the last quarter. 87.60% of the stock is owned by institutional investors and hedge funds.

NYSE:EGHT traded up $0.43 on Wednesday, hitting $19.04. 1,312,050 shares of the company’s stock traded hands, compared to its average volume of 1,272,533. The company has a current ratio of 4.02, a quick ratio of 4.02 and a debt-to-equity ratio of 1.00. 8X8 has a 1 year low of $15.13 and a 1 year high of $26.67. The firm has a 50-day moving average price of $21.34 and a 200-day moving average price of $23.36. The company has a market cap of $1.89 billion, a PE ratio of -27.59 and a beta of 0.71.

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 (NYSE:EGHT)

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