8X8 (NASDAQ:EGHT) released its quarterly earnings data on Thursday. The technology company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02, Briefing.com reports. The firm had revenue of $79.30 million for the quarter, compared to analyst estimates of $76.97 million. 8X8 had a negative net margin of 2.56% and a positive return on equity of 0.03%. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.05 EPS.
Shares of 8X8 traded up $0.40, hitting $22.05, during mid-day trading on Thursday, according to MarketBeat Ratings. 1,069,879 shares of the company’s stock were exchanged, compared to its average volume of 836,659. 8X8 has a twelve month low of $10.30 and a twelve month high of $23.05.
Several research analysts have weighed in on EGHT shares. BidaskClub upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Wednesday, January 24th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective (up previously from $19.00) on shares of 8X8 in a research note on Friday, March 16th. Bank of America upped their price objective on shares of 8X8 from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, January 26th. Robert W. Baird reiterated a “buy” rating and issued a $21.00 price objective on shares of 8X8 in a research note on Friday, January 26th. Finally, Morgan Stanley set a $24.00 price objective on shares of 8X8 and gave the company a “buy” rating in a research note on Friday, April 27th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $20.30.
In other news, insider Dejan Deklich sold 9,300 shares of the stock in a transaction on Friday, March 9th. The shares were sold at an average price of $19.70, for a total transaction of $183,210.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.40% of the company’s stock.
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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