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

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

8X8 Price Performance

Shares of EGHT traded down $0.16 during midday trading on Friday, reaching $2.65. The stock had a trading volume of 740,802 shares, compared to its average volume of 1,413,775. 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 company has a market capitalization of $327.06 million, a P/E ratio of -6.20 and a beta of 1.46. The firm’s 50 day moving average price is $2.54 and its 200-day moving average price is $2.93. 8X8 has a 52 week low of $2.12 and a 52 week high of $4.88.

Analyst Upgrades and Downgrades

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

Insider Activity at 8X8

In related news, CEO Samuel C. Wilson sold 13,740 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $2.66, for a total value of $36,548.40. Following the sale, the chief executive officer now directly owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 32,289 shares of company stock valued at $81,979 over the last 90 days. 1.08% of the stock is currently owned by corporate 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.