8X8 (EGHT) Set to Announce Earnings on Thursday

Posted by on May 4th, 2023

8X8 (NASDAQ:EGHT – Get Rating) is scheduled to be posting its quarterly earnings results after the market closes on Thursday, May 11th. Analysts expect 8X8 to post earnings of $0.08 per share for the quarter. Individual that are interested in registering for the company’s earnings conference call can do so using this link.

8X8 (NASDAQ:EGHT – Get Rating) last posted its earnings results on Wednesday, February 1st. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.08. The business had revenue of $184.40 million during the quarter, compared to analyst estimates of $187.20 million. 8X8 had a negative return on equity of 57.21% and a negative net margin of 14.75%. On average, analysts expect 8X8 to post $-1 EPS for the current fiscal year and $0 EPS for the next fiscal year.

8X8 Trading Down 2.5 %

Shares of EGHT opened at $2.69 on Thursday. The company has a market capitalization of $304.10 million, a P/E ratio of -2.86 and a beta of 1.29. 8X8 has a one year low of $2.68 and a one year high of $9.67. The company has a debt-to-equity ratio of 5.51, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a 50-day moving average price of $3.74 and a 200 day moving average price of $4.69.

Analyst Ratings Changes

A number of research analysts recently issued reports on EGHT shares. Needham & Company LLC boosted their price objective on 8X8 from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, February 2nd. Roth Capital restated a “neutral” rating on shares of 8X8 in a research note on Thursday, February 2nd. Rosenblatt Securities began coverage on 8X8 in a research note on Thursday, March 23rd. They set a “buy” rating and a $6.00 price target for the company. Wells Fargo & Company upped their price target on 8X8 from $4.00 to $4.50 and gave the stock an “underweight” rating in a report on Thursday, February 2nd. Finally, Morgan Stanley increased their price objective on 8X8 from $4.50 to $5.40 and gave the stock an “equal weight” rating in a research note on Thursday, February 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus target price of $7.24.

Insider Activity at 8X8

In other news, insider Samuel C. Wilson sold 34,703 shares of 8X8 stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $4.83, for a total value of $167,615.49. Following the transaction, the insider now owns 752,350 shares in the company, valued at $3,633,850.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 41,981 shares of company stock valued at $197,114. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Captrust Financial Advisors lifted its holdings in shares of 8X8 by 832.8% during the 1st quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock valued at $38,000 after buying an additional 2,665 shares during the period. Meeder Asset Management Inc. grew its position in 8X8 by 1,620.9% in the fourth quarter. Meeder Asset Management Inc. now owns 10,360 shares of the company’s stock worth $45,000 after acquiring an additional 9,758 shares in the last quarter. Mackay Shields LLC purchased a new position in 8X8 in the first quarter worth about $46,000. UBS Group AG grew its position in 8X8 by 338.2% in the third quarter. UBS Group AG now owns 14,240 shares of the company’s stock worth $49,000 after acquiring an additional 10,990 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in 8X8 in the fourth quarter worth about $57,000. Hedge funds and other institutional investors own 94.22% of the company’s stock.

8X8 Company Profile

(Get Rating)

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

Featured Articles

Earnings History for 8X8 (NASDAQ:EGHT)

Receive News & Ratings for 8X8 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 8X8 and related companies with MarketBeat.com's FREE daily email newsletter.