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

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

8X8 Stock Performance

EGHT stock traded up $0.46 on Thursday, hitting $2.80. The company’s stock had a trading volume of 3,110,206 shares, compared to its average volume of 1,416,099. 8X8 has a 1 year low of $2.12 and a 1 year high of $4.88. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 3.73. The stock has a market cap of $345.58 million, a price-to-earnings ratio of -6.45 and a beta of 1.46. The firm has a 50 day moving average of $2.55 and a two-hundred day moving average of $2.94.

Analyst Ratings Changes

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

Insider Activity

In other 8X8 news, CEO Samuel C. Wilson sold 13,740 shares of 8X8 stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the transaction, the chief executive officer now directly owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 32,289 shares of company stock valued at $81,979. Insiders own 1.08% of the company’s stock.

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.