8X8 (NASDAQ:EGHT) announced its quarterly earnings results on Tuesday. The technology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.15, Briefing.com reports. The firm had revenue of $96.68 million during the quarter, compared to the consensus estimate of $95.88 million. The business’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.04) EPS. 8X8 updated its FY 2020 guidance to EPS and its Q2 2020 guidance to EPS.
NASDAQ:EGHT traded down $2.27 during mid-day trading on Wednesday, reaching $24.17. The company’s stock had a trading volume of 6,641,290 shares, compared to its average volume of 1,324,273. 8X8 has a 12-month low of $15.13 and a 12-month high of $26.67. The firm’s fifty day simple moving average is $24.76.
A number of equities analysts have weighed in on the company. Northland Securities reissued a “buy” rating and issued a $28.00 target price on shares of 8X8 in a research report on Thursday, July 18th. Stephens reissued a “buy” rating and issued a $27.00 target price on shares of 8X8 in a research report on Tuesday, May 14th. Dougherty & Co raised 8X8 from a “neutral” rating to a “buy” rating in a research report on Wednesday. Needham & Company LLC boosted their target price on 8X8 from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, B. Riley lowered 8X8 from a “neutral” rating to a “sell” rating and boosted their target price for the stock from $17.50 to $18.50 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $25.50.
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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