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

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

8X8 Stock Performance

8X8 stock traded down $0.06 during midday trading on Friday, hitting $2.75. 133,680 shares of the company were exchanged, compared to its average volume of 1,407,021. The business has a fifty day simple moving average of $2.54 and a two-hundred day simple moving average of $2.93. 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 firm has a market capitalization of $339.41 million, a PE ratio of -6.39 and a beta of 1.46. 8X8 has a fifty-two week low of $2.12 and a fifty-two week high of $4.88.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Needham & Company LLC dropped their target price on shares of 8X8 from $5.00 to $3.50 and set a “buy” rating on the stock in a report on Thursday. Morgan Stanley cut their price objective on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Finally, Rosenblatt Securities restated a “buy” rating and set a $4.00 target price on shares of 8X8 in a report on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, 8X8 has a consensus rating of “Moderate Buy” and a consensus price target of $3.46.

Insider Buying and Selling

In related news, CEO Samuel C. Wilson sold 13,740 shares of 8X8 stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the transaction, the chief executive officer now owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 32,289 shares of company stock valued at $81,979. Corporate insiders own 1.08% of the company’s stock.

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.