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

8X8 (NASDAQ:EGHT) released its earnings results on Wednesday. The company reported $0.08 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $178.85 million. During the same period in the prior year, the business earned ($0.03) earnings per share. The business’s quarterly revenue was down 2.8% on a year-over-year basis.

8X8 Stock Up 20.1 %

8X8 stock traded up $0.47 during trading hours on Thursday, hitting $2.81. The company had a trading volume of 3,521,236 shares, compared to its average volume of 1,421,843. The firm has a market capitalization of $346.81 million, a P/E ratio of -6.39 and a beta of 1.46. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. The firm’s fifty day moving average is $2.54 and its 200-day moving average is $2.93. 8X8 has a fifty-two week low of $2.12 and a fifty-two week high of $4.88.

Analyst Ratings Changes

EGHT has been the subject of several recent research reports. Morgan Stanley cut their target price on shares of 8X8 from $3.80 to $3.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 17th. Needham & Company LLC reduced their price target on shares of 8X8 from $5.00 to $3.50 and set a “buy” rating for the company in a research report on Thursday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $4.00 price target on shares of 8X8 in a research report on Monday, March 18th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $3.46.

Insider Buying and Selling at 8X8

In other news, CEO Samuel C. Wilson sold 13,740 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the transaction, the chief executive officer now 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 SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 32,289 shares of company stock worth $81,979. 1.08% of the stock is currently owned by company insiders.

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.