$93.43 Million in Sales Expected for 8×8, Inc. (EGHT) This Quarter

Equities research analysts predict that 8×8, Inc. (NASDAQ:EGHT) will announce $93.43 million in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for 8X8’s earnings. The highest sales estimate is $95.66 million and the lowest is $91.75 million. 8X8 reported sales of $79.34 million during the same quarter last year, which would suggest a positive year over year growth rate of 17.8%. The firm is scheduled to report its next earnings results on Thursday, May 23rd.

On average, analysts expect that 8X8 will report full year sales of $351.63 million for the current fiscal year, with estimates ranging from $350.57 million to $352.20 million. For the next year, analysts anticipate that the firm will post sales of $416.66 million, with estimates ranging from $409.88 million to $420.55 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow 8X8.

8X8 (NASDAQ:EGHT) last announced its quarterly earnings results on Tuesday, January 29th. The technology company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $89.91 million for the quarter, compared to analyst estimates of $88.57 million.

Several equities analysts have commented on EGHT shares. BidaskClub downgraded 8X8 from a “buy” rating to a “hold” rating in a report on Tuesday, March 5th. Stephens assumed coverage on shares of 8X8 in a research note on Thursday, January 3rd. They issued an “overweight” rating on the stock. Rosenblatt Securities restated a “buy” rating and issued a $22.50 price objective on shares of 8X8 in a research note on Monday, March 25th. Guggenheim assumed coverage on shares of 8X8 in a research note on Monday, March 11th. They issued a “neutral” rating and a $20.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Friday, January 18th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $22.72.

EGHT stock traded up $0.17 during midday trading on Wednesday, hitting $20.20. 658,888 shares of the company traded hands, compared to its average volume of 1,227,357. 8X8 has a twelve month low of $15.13 and a twelve month high of $23.50.

A number of hedge funds have recently modified their holdings of EGHT. AQR Capital Management LLC lifted its holdings in shares of 8X8 by 81.5% during the third quarter. AQR Capital Management LLC now owns 121,105 shares of the technology company’s stock valued at $2,573,000 after acquiring an additional 54,379 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of 8X8 by 4.0% during the fourth quarter. State of Alaska Department of Revenue now owns 31,901 shares of the technology company’s stock valued at $575,000 after acquiring an additional 1,236 shares during the period. PEAK6 Investments LLC bought a new position in shares of 8X8 during the third quarter valued at $767,000. MetLife Investment Advisors LLC lifted its holdings in shares of 8X8 by 55.9% during the third quarter. MetLife Investment Advisors LLC now owns 64,012 shares of the technology company’s stock valued at $1,360,000 after acquiring an additional 22,947 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of 8X8 by 45.1% during the third quarter. JPMorgan Chase & Co. now owns 136,986 shares of the technology company’s stock valued at $2,910,000 after acquiring an additional 42,563 shares during the period. 71.56% of the stock is owned by hedge funds and other institutional investors.

8X8 Company Profile

8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.

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