$0.02 Earnings Per Share Expected for 8×8 Inc (EGHT) This Quarter
Equities research analysts expect 8×8 Inc (NASDAQ:EGHT) to report $0.02 earnings per share (EPS) for the current quarter, Zacks reports. Seven analysts have made estimates for 8×8’s earnings. The lowest EPS estimate is $0.01 and the highest is $0.03. 8×8 posted earnings per share of $0.06 during the same quarter last year, which would suggest a negative year over year growth rate of 66.7%. The company is expected to issue its next earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that 8×8 will report full-year earnings of $0.06 per share for the current year, with EPS estimates ranging from $0.05 to $0.09. For the next year, analysts forecast that the company will report earnings of $0.10 per share, with EPS estimates ranging from $0.07 to $0.13. Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that cover 8×8.
8×8 (NASDAQ:EGHT) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.01. The business had revenue of $69.10 million during the quarter, compared to analysts’ expectations of $68.65 million. 8×8 had a positive return on equity of 1.38% and a negative net margin of 2.44%. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.04 EPS.
A number of research analysts have recently issued reports on the company. B. Riley reiterated a “neutral” rating and set a $14.00 target price on shares of 8×8 in a research report on Monday, July 24th. Zacks Investment Research upgraded 8×8 from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. BidaskClub upgraded 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Craig Hallum lowered 8×8 from a “buy” rating to a “hold” rating and decreased their target price for the company from $19.00 to $15.00 in a research report on Friday, July 28th. Finally, Dougherty & Co decreased their target price on 8×8 from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, May 23rd. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $17.30.
8×8 (NASDAQ:EGHT) traded down 0.38% during trading on Friday, hitting $13.15. 593,822 shares of the company were exchanged. The firm’s 50 day moving average price is $13.73 and its 200-day moving average price is $14.33. The stock’s market capitalization is $1.21 billion. 8×8 has a 1-year low of $10.30 and a 1-year high of $16.80.
8×8 declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 25th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 28% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
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In other news, CEO Vikram Verma acquired 11,700 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were bought at an average price of $12.80 per share, for a total transaction of $149,760.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mary Ellen P. Genovese acquired 11,625 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was purchased at an average price of $12.78 per share, for a total transaction of $148,567.50. Following the acquisition, the chief financial officer now directly owns 92,106 shares in the company, valued at approximately $1,177,114.68. The disclosure for this purchase can be found here. Company insiders own 4.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of 8×8 during the fourth quarter worth about $3,170,000. Swiss National Bank increased its stake in shares of 8×8 by 2.8% in the first quarter. Swiss National Bank now owns 149,200 shares of the technology company’s stock worth $2,275,000 after buying an additional 4,100 shares during the period. Profund Advisors LLC increased its stake in shares of 8×8 by 6.4% in the first quarter. Profund Advisors LLC now owns 71,491 shares of the technology company’s stock worth $1,090,000 after buying an additional 4,316 shares during the period. Summit Partners Public Asset Management LLC bought a new stake in shares of 8×8 during the first quarter worth about $3,508,000. Finally, Great West Life Assurance Co. Can increased its stake in shares of 8×8 by 6.9% in the first quarter. Great West Life Assurance Co. Can now owns 126,146 shares of the technology company’s stock worth $1,917,000 after buying an additional 8,143 shares during the period. Institutional investors own 70.17% of the company’s stock.
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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