8X8 (NASDAQ:EGHT) Issues Earnings Results

8X8 (NASDAQ:EGHT) announced its quarterly earnings results on Tuesday. The technology company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.15, Briefing.com reports. The firm had revenue of $96.68 million during the quarter, compared to analyst estimates of $95.88 million. The business’s revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.04) EPS. 8X8 updated its FY 2020 guidance to EPS and its Q2 2020 guidance to EPS.

Shares of NASDAQ EGHT traded down $0.11 during mid-day trading on Friday, reaching $23.46. 31,959 shares of the company were exchanged, compared to its average volume of 1,330,133. The firm’s 50-day moving average is $24.76. 8X8 has a twelve month low of $15.13 and a twelve month high of $26.67.

EGHT has been the subject of a number of recent analyst reports. Needham & Company LLC increased their price target on shares of 8X8 from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Morgan Stanley raised their target price on shares of 8X8 from $26.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday. BidaskClub upgraded shares of 8X8 from a “sell” rating to a “hold” rating in a research note on Tuesday, July 2nd. Stephens restated a “buy” rating and set a $27.00 target price on shares of 8X8 in a research note on Tuesday, May 14th. Finally, Stifel Nicolaus set a $30.00 target price on shares of 8X8 and gave the stock a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $26.11.

About 8X8

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.

Further Reading: Average Daily Trade Volume Explained

Earnings History for 8X8 (NASDAQ:EGHT)

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