8X8 (NASDAQ:EGHT) Releases Earnings Results

8X8 (NASDAQ:EGHT) released its quarterly earnings data on Wednesday. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01, Briefing.com reports. The business had revenue of $179.41 million during the quarter, compared to analyst estimates of $178.85 million. 8X8 had a negative return on equity of 5.89% and a negative net margin of 7.28%. The company’s revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) EPS.

8X8 Price Performance

Shares of EGHT stock traded up $0.47 during trading hours on Thursday, reaching $2.81. The company had a trading volume of 3,521,236 shares, compared to its average volume of 1,421,843. The company has a market capitalization of $346.81 million, a price-to-earnings ratio of -6.39 and a beta of 1.46. 8X8 has a 12-month low of $2.12 and a 12-month high of $4.88. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.31 and a current ratio of 1.31. The stock has a fifty day moving average of $2.54 and a 200-day moving average of $2.93.

Insiders Place Their Bets

In other news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the sale, the chief executive officer now directly owns 1,022,288 shares in the company, valued at $2,719,286.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 32,289 shares of company stock worth $81,979 over the last ninety days. Corporate insiders own 1.08% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research note on Monday, March 18th. Needham & Company LLC reduced their price target on 8X8 from $5.00 to $3.50 and set a “buy” rating for the company in a report on Thursday. Finally, Morgan Stanley reduced their price target 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, 8X8 has a consensus rating of “Moderate Buy” and an average target price of $3.46.

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.