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

8X8 (NASDAQ:EGHT) announced its quarterly 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. 8X8 had a negative net margin of 7.28% and a negative return on equity of 5.89%. The firm had revenue of $179.41 million for the quarter, compared to the consensus estimate of $178.85 million. During the same quarter last year, the firm posted ($0.03) EPS. The business’s quarterly revenue was down 2.8% compared to the same quarter last year.

8X8 Price Performance

EGHT traded up $0.47 during trading hours on Thursday, hitting $2.81. The company’s stock had a trading volume of 3,520,864 shares, compared to its average volume of 1,421,843. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73. The business’s 50-day moving average price is $2.54 and its 200-day moving average price is $2.93. The stock has a market cap 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.

Analyst Ratings Changes

EGHT has been the topic of several recent analyst reports. Needham & Company LLC reduced their price objective on shares of 8X8 from $5.00 to $3.50 and set a “buy” rating on the stock in a research report on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research report on Monday, March 18th. Finally, Morgan Stanley reduced their price objective on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 17th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, 8X8 currently has an average rating of “Moderate Buy” and an average price target of $3.46.

Insiders Place Their Bets

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were 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 directly owns 1,022,288 shares in the company, valued at $2,719,286.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 32,289 shares of company stock valued at $81,979 over the last three months. 1.08% of the stock is owned by company insiders.

About 8X8

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.