8X8 (EGHT) Stock Price Down 5.6% on Disappointing Earnings

8×8, Inc. (NASDAQ:EGHT)’s share price dropped 5.6% on Wednesday following a dissappointing earnings announcement. The stock traded as low as $22.00 and last traded at $22.41. Approximately 1,330,421 shares changed hands during trading, an increase of 3% from the average daily volume of 1,293,164 shares. The stock had previously closed at $23.73.

The technology company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The firm had revenue of $93.80 million for the quarter, compared to analyst estimates of $92.98 million. During the same quarter last year, the business posted ($0.03) EPS. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis.

EGHT has been the topic of a number of recent analyst reports. BidaskClub upgraded shares of 8X8 from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 16th. Zacks Investment Research upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. Rosenblatt Securities reiterated a “buy” rating and set a $22.50 price target on shares of 8X8 in a research note on Thursday, January 31st. Guggenheim initiated coverage on shares of 8X8 in a research note on Monday, March 11th. They set a “neutral” rating and a $20.00 price target on the stock. Finally, Needham & Company LLC dropped their price target on shares of 8X8 from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, January 30th. Six equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $23.27.

In other news, EVP Dejan Deklich sold 36,136 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $22.06, for a total transaction of $797,160.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.40% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue grew its position in 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 worth $575,000 after buying an additional 1,236 shares during the period. Emancipation Management LLC acquired a new position in 8X8 during the fourth quarter worth about $198,000. Massachusetts Financial Services Co. MA grew its position in 8X8 by 22.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,795,968 shares of the technology company’s stock worth $32,400,000 after buying an additional 326,785 shares during the period. Legal & General Group Plc grew its position in 8X8 by 2.3% during the fourth quarter. Legal & General Group Plc now owns 226,256 shares of the technology company’s stock worth $4,078,000 after buying an additional 5,101 shares during the period. Finally, Comerica Bank grew its position in 8X8 by 2.9% during the fourth quarter. Comerica Bank now owns 92,774 shares of the technology company’s stock worth $1,791,000 after buying an additional 2,582 shares during the period. Institutional investors own 71.56% of the company’s stock.

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8X8 Company Profile (NASDAQ:EGHT)

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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