Analysts Anticipate 8×8, Inc. (NASDAQ:EGHT) Will Announce Quarterly Sales of $96.10 Million

Brokerages expect that 8×8, Inc. (NASDAQ:EGHT) will announce sales of $96.10 million for the current quarter, according to Zacks. Seven analysts have made estimates for 8X8’s earnings. The lowest sales estimate is $95.53 million and the highest is $96.54 million. 8X8 reported sales of $83.23 million in the same quarter last year, which indicates a positive year over year growth rate of 15.5%. The company is scheduled to report its next quarterly earnings report on Thursday, July 25th.

According to Zacks, analysts expect that 8X8 will report full-year sales of $417.36 million for the current financial year, with estimates ranging from $414.65 million to $418.85 million. For the next year, analysts forecast that the business will report sales of $505.86 million, with estimates ranging from $494.98 million to $522.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover 8X8.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings data on Tuesday, May 14th. The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.01). The company had revenue of $93.80 million during the quarter, compared to analysts’ expectations of $92.98 million. During the same quarter in the previous year, the business earned ($0.03) EPS. 8X8’s revenue was up 18.3% compared to the same quarter last year.

A number of research analysts have recently commented on the company. Stephens reissued a “buy” rating and set a $27.00 price target on shares of 8X8 in a report on Tuesday, May 14th. Dougherty & Co lowered 8X8 from a “buy” rating to a “neutral” rating and set a $21.95 target price on the stock. in a report on Wednesday, May 15th. BidaskClub lowered 8X8 from a “buy” rating to a “hold” rating in a report on Wednesday, June 19th. Zacks Investment Research lowered 8X8 from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Finally, Bank of America lifted their target price on 8X8 from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, May 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. 8X8 has an average rating of “Hold” and an average price target of $23.27.

In related news, EVP Dejan Deklich sold 36,136 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $22.06, for a total value of $797,160.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.40% of the company’s stock.

Several large investors have recently added to or reduced their stakes in EGHT. Westfield Capital Management Co. LP boosted its position in 8X8 by 19.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,271,710 shares of the technology company’s stock worth $25,689,000 after acquiring an additional 208,570 shares during the period. Trexquant Investment LP bought a new position in shares of 8X8 in the 1st quarter valued at approximately $1,079,000. State of Wisconsin Investment Board raised its stake in shares of 8X8 by 26.0% in the 1st quarter. State of Wisconsin Investment Board now owns 825,000 shares of the technology company’s stock valued at $16,665,000 after acquiring an additional 170,050 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of 8X8 by 50.4% in the 1st quarter. Wells Fargo & Company MN now owns 1,456,393 shares of the technology company’s stock valued at $29,419,000 after acquiring an additional 488,189 shares in the last quarter. Finally, Financial Counselors Inc. bought a new position in shares of 8X8 in the 1st quarter valued at approximately $207,000. Institutional investors and hedge funds own 71.56% of the company’s stock.

Shares of EGHT opened at $23.31 on Wednesday. 8X8 has a one year low of $15.13 and a one year high of $25.35. The company’s fifty day simple moving average is $24.00.

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 (NASDAQ:EGHT)

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