8X8 (NASDAQ:EGHT) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

8X8 (NASDAQ:EGHT) announced its quarterly earnings results on Wednesday. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01, Briefing.com reports. The company had revenue of $179.41 million for the quarter, compared to analysts’ expectations of $178.85 million. 8X8 had a negative net margin of 7.28% and a negative return on equity of 5.89%. 8X8’s revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.03) EPS.

8X8 Trading Up 19.7 %

Shares of NASDAQ:EGHT traded up $0.46 during trading on Thursday, reaching $2.80. 3,110,206 shares of the company traded hands, compared to its average volume of 1,416,099. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73. 8X8 has a 52-week low of $2.12 and a 52-week high of $4.88. The business’s fifty day moving average is $2.55 and its 200-day moving average is $2.94. The firm has a market capitalization of $345.58 million, a price-to-earnings ratio of -6.45 and a beta of 1.46.

Analyst Ratings Changes

Several research analysts have recently weighed in on EGHT shares. Needham & Company LLC decreased their price target on shares of 8X8 from $5.00 to $3.50 and set a “buy” rating on the stock in a report on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $4.00 price target on shares of 8X8 in a report on Monday, March 18th. Finally, Morgan Stanley cut their price objective on 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a report on Wednesday, April 17th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, 8X8 currently has an average rating of “Moderate Buy” and an average price target of $3.46.

Insider Activity at 8X8

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the transaction, the chief executive officer now owns 1,022,288 shares in the company, valued at $2,719,286.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 32,289 shares of company stock worth $81,979 in the last three months. 1.08% of the stock is owned by insiders.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.