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

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

8X8 Stock Down 2.1 %

Shares of EGHT stock traded down $0.06 on Friday, hitting $2.75. The company’s stock had a trading volume of 133,680 shares, compared to its average volume of 1,407,021. The stock has a market capitalization of $339.41 million, a price-to-earnings 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. The firm’s fifty day moving average price is $2.54 and its 200-day moving average price is $2.93. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31.

Insiders Place Their Bets

In other news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $2.66, for a total transaction of $36,548.40. Following the completion of the sale, the chief executive officer now owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 32,289 shares of company stock valued at $81,979 over the last three months. 1.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

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.