8x8 Gets Price Target Cuts By Analysts Following Q4 Results

8x8, Inc. EGHT reported better-than-expected earnings for its fourth quarter, but sales missed views.

8x8 posted adjusted earnings of $0.11 per share, beating market estimates of $0.09 per share. The company’s quarterly sales came in at $184.50 million, versus expectations of $185.51 million.

8x8 said it sees FY24 total revenue of $755 million to $763 million, versus estimates of $766.72 million.

8x8 shares rose 1% to $3.25 in pre-market trading.

• Barclays cut the price target on 8x8 from $5 to $4. Barclays analyst Ryan Macwilliams maintained an Overweight rating.
• Wells Fargo lowered the price target on 8x8 from $4.5 to $3. Wells Fargo analyst Michael Turrin maintained an Underweight rating
• Morgan Stanley reduced price target on 8x8 from $5.4 to $4. Morgan Stanley analyst Meta Marshall maintained an Equal-Weight rating on the stock.
• Rosenblatt analyst Catharine Trebnick, meanwhile, reiterated 8x8 with a Buy and maintained a $6 price target.

Read More: Investor Sentiment Declines Further After Dow Drops For Fourth Consecutive Day