8×8, Inc. (NYSE:EGHT) Expected to Announce Quarterly Sales of $154.88 Million

Wall Street analysts predict that 8×8, Inc. (NYSE:EGHT) will announce $154.88 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for 8X8’s earnings. The highest sales estimate is $157.81 million and the lowest is $153.65 million. 8X8 reported sales of $136.69 million in the same quarter last year, which indicates a positive year over year growth rate of 13.3%. The business is scheduled to issue its next quarterly earnings report on Thursday, January 27th.

According to Zacks, analysts expect that 8X8 will report full year sales of $615.61 million for the current financial year, with estimates ranging from $612.34 million to $624.61 million. For the next year, analysts expect that the business will report sales of $711.22 million, with estimates ranging from $691.00 million to $755.35 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover 8X8.

8X8 (NYSE:EGHT) last issued its earnings results on Tuesday, November 2nd. The technology company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. The company had revenue of $151.56 million during the quarter, compared to analysts’ expectations of $149.48 million. 8X8 had a negative net margin of 29.50% and a negative return on equity of 87.26%. During the same period in the previous year, the company earned ($0.28) EPS.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of 8X8 from a “buy” rating to a “sell” rating in a report on Monday, November 8th. Colliers Securities reaffirmed a “buy” rating and set a $42.00 price target on shares of 8X8 in a report on Wednesday, September 1st. Barclays assumed coverage on shares of 8X8 in a report on Wednesday, October 20th. They set an “equal weight” rating and a $25.00 price target on the stock. B. Riley reissued a “neutral” rating on shares of 8X8 in a report on Wednesday, November 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $32.00 target price on shares of 8X8 in a report on Wednesday, November 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.92.

In other 8X8 news, CFO Samuel C. Wilson sold 5,566 shares of the company’s stock in a transaction on Monday, September 27th. The shares were sold at an average price of $24.69, for a total transaction of $137,424.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Samuel C. Wilson sold 2,987 shares of the company’s stock in a transaction on Thursday, September 16th. The stock was sold at an average price of $24.07, for a total transaction of $71,897.09. The disclosure for this sale can be found here. Insiders sold a total of 41,591 shares of company stock worth $983,398 in the last 90 days. Corporate insiders own 2.20% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sylebra Capital Ltd raised its holdings in 8X8 by 9.7% during the third quarter. Sylebra Capital Ltd now owns 13,608,692 shares of the technology company’s stock worth $318,307,000 after buying an additional 1,205,979 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of 8X8 by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 11,417,081 shares of the technology company’s stock worth $316,938,000 after acquiring an additional 303,279 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its stake in shares of 8X8 by 3.0% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 4,386,804 shares of the technology company’s stock worth $102,607,000 after acquiring an additional 126,790 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of 8X8 by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,528,686 shares of the technology company’s stock worth $59,146,000 after acquiring an additional 214,168 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of 8X8 by 24.9% in the 2nd quarter. Deutsche Bank AG now owns 2,166,586 shares of the technology company’s stock worth $60,145,000 after acquiring an additional 432,622 shares in the last quarter. Hedge funds and other institutional investors own 96.42% of the company’s stock.

Shares of 8X8 stock traded up $0.49 during midday trading on Thursday, hitting $21.60. 1,085,511 shares of the company traded hands, compared to its average volume of 1,182,887. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of -13.67 and a beta of 1.08. The company has a debt-to-equity ratio of 2.08, a quick ratio of 2.26 and a current ratio of 2.26. The firm’s fifty day moving average price is $23.10 and its 200-day moving average price is $24.53. 8X8 has a 12 month low of $19.26 and a 12 month high of $39.17.

8X8 Company Profile

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in San Jose, CA.

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

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