8×8 Inc (EGHT) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS
8×8 Inc (NASDAQ:EGHT) issued its earnings results on Thursday. The technology company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.01, Briefing.com reports. The firm had revenue of $69.10 million during the quarter, compared to analysts’ expectations of $68.65 million. 8×8 had a positive return on equity of 1.42% and a negative net margin of 2.44%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the business posted $0.04 earnings per share.
8×8 (NASDAQ:EGHT) traded down 14.19% on Friday, reaching $12.70. The company’s stock had a trading volume of 4,699,063 shares. The company’s market capitalization is $1.16 billion. 8×8 has a 1-year low of $10.30 and a 1-year high of $16.80. The stock has a 50 day moving average price of $14.39 and a 200-day moving average price of $14.59.
EGHT has been the topic of several research reports. Deutsche Bank AG increased their target price on 8×8 from $23.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, May 30th. Zacks Investment Research raised 8×8 from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Tuesday, July 18th. BidaskClub raised 8×8 from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Dougherty & Co cut their target price on 8×8 from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, May 23rd. Finally, Northland Securities set a $18.00 target price on 8×8 and gave the stock a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. 8×8 has an average rating of “Buy” and a consensus price target of $17.56.
8×8 declared that its board has approved a stock repurchase plan on Thursday, May 25th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 28% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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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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